ATLANTA—MPI Mall Properties has acquired Sheraton Suites Galleria hotel in Atlanta. MPI purchased the hotel from FelCor Lodging Trust for $21 million. Plans call for investing another $9 million on hotel renovations.

The latest buy marks the Atlanta entry for Olshan Hotel Management, Inc., MPI's hotel division. Olshan's now owns and manages five hotels. The portfolio includes Marriotts and Hiltons. MPI also owns Akers Mill Square, a retail power center less than a mile from Sheraton Suites Galleria.

“With strong upside potential based on the hotel's irreplaceable location in one of Atlanta's fastest growing submarkets as well as our extensive planned renovations, the Sheraton Suites Galleria represents the perfect addition to our existing portfolio of leading brand hotel properties,” says Andrea Olshan, CEO of MPI. The firm will upgrade all guest rooms, construct of a Sheraton Club lounge for Starwood Preferred Guests, expand the on-site Sheraton Fitness Center, and upgrade of all food and beverage facilities on the ground-floor level.