NEW YORK—Certares Management LLC, an investment specialist dedicated to the travel, tourism, and hospitality sectors (together with its affiliates, Certares), in partnership with Highlands Investments LLC (Highlands) and Monomoy Property Ventures LLC (MPV), acquired the 181 key new-build Embassy Suites Atlanta Midtown in midtown Atlanta, Georgia. The deal also included the acquisition of an adjacent land parcel and a parking component.
Located in the Atlantic Station area of Midtown, the all-suites property features a lobby bar, restaurant, fitness area, and pool, along with 2,600 square feet of meeting space. The rooms average approximately 500 square feet, and each has a private kitchenette and separate living room area. The hotel sits adjacent to Microsoft’s new eastern U.S. headquarters and near Georgia Tech’s main Atlanta campus. HEI Hotels & Resorts (HEI), a hospitality management company that owns and/or operates 84 hotels and resorts throughout the United States, has been selected to operate the property.
Nolan Hecht, senior managing director and head of real estate at Certares, said, “We are thrilled to acquire this brand-new asset in the heart of Atlantic Station. Midtown Atlanta is the city’s preeminent submarket for technology and healthcare talent recruitment and is seeing an array of corporate relocations and expansions. We look forward to working closely with Highlands, MPV, and HEI to ensure the property delivers a great experience to its guests.”
Jordan Kary, founder and principal of Highlands, added, “We are big believers in both Atlanta and, more specifically, the Midtown Atlanta submarket, and we are excited to acquire this high-quality hotel together with Certares, MPV, and HEI. The property’s location together with its all-suites rooms and amenity offerings makes the asset well-positioned for outsized growth. We look forward to continuing to identify opportunities to acquire great pieces of real estate at attractive values and working to ensure best-in-class operations and oversight.”
“High-quality real estate structured off-market from a motivated seller, in an excellent location within a growth MSA, the Embassy Suites Atlanta Midtown is illustrative of the types of investments MPV is successfully targeting as we establish our business,” said Kevin Vaughan, founder of MPV. Vaughan added, “We look forward to building on a close relationship with Certares, Highlands, HEI, and Hilton as we execute on our business plan at this asset, and to participating in the substantial ongoing growth in the midtown Atlanta business community.”