The rebranded Waldorf Astoria Atlanta Buckhead becomes Xenia's first Waldorf Astoria in its portfolio and its 12th luxury hotel.
ATLANTA—Orlando based hotelier Xenia Hotels & Resorts, Inc. has acquired the Mandarin Oriental, Atlanta for $53.5 million and has rebranded the property as the Waldorf Astoria Atlanta Buckhead.
The deal for the 127-room luxury hotel calculated out to approximately $421,000 per key. The transaction marks Xenia's fourth luxury hotel property acquisition in 2018 and is the company's 41st hotel property in its portfolio.
The hotel is located in a 42-story mixed-use development and includes 127 rooms averaging 620 square feet, a 15,000-square-foot spa that includes 14 private treatment rooms and a 60-foot climate-controlled indoor pool, approximately 8,300 square feet of meeting and pre-function space and The Café & Bar, which offers all-day dining.
Marcel Verbaas, chairman and CEO of Xenia, says of the deal, “This transaction further demonstrates our continued efforts to invest in high-quality, uniquely positioned, premium full service and lifestyle hotels in top lodging markets that provide opportunities to drive growth through our best-in-class asset management and project management practices.”
The rebranded Waldorf Astoria Atlanta Buckhead becomes Xenia's first Waldorf Astoria in its portfolio and its 12th luxury hotel.
“While the hotel has exhibited strong top line results, achieving RevPAR of $250.29 during the trailing 12 months ending October 31, 2018, we believe this transaction provides an opportunity to unlock significant value as we work with Hilton to optimize performance,” he adds.
Simultaneously with its latest acquisition, Xenia completed the $7-million acquisition of a free-standing restaurant unit that is part of the same mixed-use development. The restaurant that fronts Peachtree Road, is currently leased and operated as Del Frisco's Grille.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
