NEW YORK—Carey Watermark Investors Incorporated announced that it has acquired the newly-built Hilton Garden Inn and Homewood Suites dual-branded hotel in Atlanta, Ga. The select-service and extended-stay property includes a total of 228 guestrooms and is located in Midtown Atlanta.
The Hilton Garden Inn and Homewood Suites Midtown Atlanta was built in 2013. The select-service property features concrete and steel-framed construction, an interior porte cochere, and an above-grade structural parking deck. The dual-branded hotel also features high quality finishes throughout, and offers many unobstructed views of the Midtown and Downtown Atlanta skylines.
The hotel is located in Midtown Atlanta, at the center of the 14 million square-foot office market and proximate to all of the market’s primary demand generators, including The Coca-Cola Company, Equifax, Invesco, and Earthlink, as well as eight of Atlanta’s ten largest law firms. Immediately adjacent to Interstate 75/85, the hotel provides access to the Perimeter and Buckhead markets to the north, the Downtown market to the south, and is located approximately 12 miles from the Atlanta Hartsfield-Jackson International Airport.
From 2009 through 2014, RevPAR for the Atlanta market registered compound annual growth of 7.4 percent, compared to the national RevPAR compound annual growth of 6.8 percent over the same period. The Midtown Alliance estimates that arts, culture, and entertainment bring six million annual visitors to Midtown. Midtown is also home to the Robert W. Woodruff Arts Center, Atlanta’s arts and cultural hub.
The hotel will be managed by Crescent Hotels & Resorts. The Hilton Garden Inn and Homewood Suites are Hilton Worldwide’s upper mid-scale select-service and upscale extended-stay brands, respectively.
Of the 228 total guestrooms, 136 are Hilton Garden Inn-branded and 92 are Homewood Suites-branded. There 3,027 square feet of meeting space, which includes the 2,160 square-foot 12th floor Piedmont Park room. There are two breakfast areas and two lobbies and reception desks. There is a Garden Grill & Bar restaurant located within the Hilton Garden Inn. Additionally, the property features a heated outdoor swimming pool, a 24-hour fitness center, and two business centers.
Michael Medzigian, chief executive officer of CWI 1, stated, “The acquisition of the Hilton Garden Inn and Homewood Suites by Hilton Midtown Atlanta hotel represented the opportunity to invest in a newly-built, quality dual-branded hotel with strong brand affiliations in one of the most significant business districts in the Southeast. The property generates attractive cash-flow and we believe will continue to benefit not only from the strong demand generated by the corporate market, but also the leisure demand generated by the robust Midtown market. Our ability to acquire a high quality, well-positioned asset in a strong market enhances the long-term cash generating capability of our portfolio.”
