ATLANTA—Nazar Properties, LLC has snapped up The Ponce DeLeon Hotel, a 58-room, 18,500-square-foot extended-stay hotel in Atlanta. Financial terms of the deal were not disclosed.
Jake Reid, senior director of Franklin Street, represented the seller, an Atlanta-based family that owned the hotel for 60 years. He was the sole broker in the transaction.
Nazar is exploring several options for the property, including partnering for a complete redevelopment or renovating the existing building. Along with the neighboring land, Reid says the 1.2 acres along the Ponce De Leon Corridor could be an ideal investment for mixed-use development.
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