ATLANTA-A joint venture of Carey Watermark Investors, The Arden Group and Marcus Hotels and Resorts have picked up the 372-room Westin Atlanta Perimeter North. The collective has invested $57 million in the hotel property, $14 million of which will be used towards renovating guestrooms and public spaces.
Michael Medzigian, CEO of Carey Watermark Investors spoke with GlobeSt.com about this move, emphasizing the highly advantageous location of the property. “The asset is really the best located, highest quality and with best visbility- in all respects - in that market area,” he said, “there is a real significant opportunity to add value here.”
This hotel property has 20,000 square feet of meeting space in addition to a restaurant, lounge area and other amenities. It is located around 15 miles from downtown Atlanta, according to a release, and is nearby the lucriative Concourse Corporate Center – a 63-acre mixed-use complex with 2.1 million square feet of office space and various restaurants, fitness facilities and retail outlets.
The hotel property was acquired from an affiliate of DiamondRock Hospitality Co. Medzigian added, “we acquired it at a discount to replacement costs” and that the JV plans “a very significant renovation to upgrade the physical part, the guest experience and guest services features.
Being that the property is located very nearby the second largest market in the Atlanta area, Medzigian feels “there is a lot of opportunity to create value here” with this acquisition. In fact, he is very optimistic about the area as a whole: “There are some really big users [in this area] that we think makes it an opportune time to be investing in that market,” he concluded.
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