NEW YORK—Carey Watermark Investors 2 Incorporated (CWI 2) announced that it has acquired the Renaissance Atlanta Midtown Hotel. The 21-story, full-service property includes 304 guestrooms and is located in the diverse and growing Midtown submarket of Atlanta, Ga.
High-quality asset: Constructed in 2009 and subsequently converted to a Renaissance in 2011, the boutique hotel features high-quality finishes and has benefited from more than $3 million of capital improvements completed between 2011 and 2015, including a complete and reconception of the hotel restaurant, Community Smith, reopened in January 2015.
Central location in Midtown Atlanta: The Renaissance is located at the northwest corner of West Peachtree Street and Abercrombie Place in Midtown Atlanta. In addition to 14.7 million square feet of Class-A and Class-B office space, Georgia Tech, the Coca Cola headquarters and the 189-acre Piedmont Park, Midtown is considered the cultural center of the city, serving as home to the one million-square-foot Woodruff Arts Center, The Fox Theatre and the Atlanta Botanical Gardens. Further, NCR Corporation is currently constructing its $260 million, 22-story, 485,000-square-foot headquarters less than one block from the Renaissance, adding nearly 4,000 jobs to the Midtown market. As one of a select number of full-service hotels in Midtown Atlanta, the Renaissance is ideally located to take advantage of these significant demand generators.
Strong market: RevPAR growth has been significant within the Atlanta market, experiencing 13.0 percent and 9.3 percent growth in 2014 and 2015, respectively. Year-to-date through June market RevPAR continues to trend positively, up 6.3 percent compared to the same period last year. As a result of relatively low supply additions, growth is expected to remain strong with approximately 6.0 percent RevPAR growth projected over each of the next two years.
Strong brand affiliation: Marriott International, is a global lodging company with more than 4,500 properties in 88 countries and territories. Renaissance Hotels, a distinct lifestyle brand within Marriott International, has a portfolio of nearly 170 hotels in nearly 35 countries. As a member of the Marriott International family, the Renaissance Atlanta Midtown Hotel benefits from Marriott’s strong reservation system and award-winning Marriott Rewards loyalty program as well as its superior brand recognition and demand by both domestic and international travelers. The hotel will be managed by Davidson Hotels & Resorts, an Atlanta-based hotel management company that operates 38 full-service, upper upscale and premium select service hotels and resorts throughout the United States.
The property features 304 rooms, 8,600 square feet of meeting space, a full-service restaurant, a rooftop bar/lounge, and a 24-hour spa, fitness center, and business center.
