 |
| Craig A. Spencer |
PHILADELPHIA, PA –- Arden
Group, through their discretionary fund affiliate Arden Real Estate Partners
II, LP, announced they have acquired the Sheraton Atlanta Hotel.
The recently renovated 763
room upscale hotel includes over 100,000 square feet of event and meeting
space. Sheraton full service amenities feature an indoor/outdoor climate-controlled
swimming pool and whirlpool, spacious indoor Garden Courtyard with a
retractable glass roof, Sheraton fitness center, business center, Collage
restaurant and Fandangles restaurant and bar.
Arden will be investing an
additional $7 million on top of the recent $15 million spent on renovations
completed in 2016. Arden will further
enhance the guest room experience, lobby, meeting rooms and the restaurant. The
sale was facilitated by Jones Lange LaSalle.
The property is located in
downtown Atlanta at 165 Courtland St NE adjacent to Georgia State University.
The hotel benefits from demand generated by the university, continued corporate
relocations, its proximity to key Atlanta tourist attractions and the Georgia
World Congress Center.
Commenting on the
investment, Craig A. Spencer, CEO of
Arden Group said, “We are pleased to have acquired this quality full-service
convention hotel in this robust downtown market. Atlanta’s dynamic job growth
has created an exciting investment environment.”
Spencer continued, “We are
able to provide a solid financial platform for the property, as well as the
necessary funding for renovations and operating expertise that will enhance and
reposition the property in the market.
“This acquisition is consistent
with our strategy of investing in opportunities for value creation, making this
our fourth hotel purchase in the past two years. The planned renovation and
Arden’s strategic asset management oversight will allow us to achieve our
operational goals as well as enhance appreciation of the asset over time.”
For a complete copy of the company’s news
release, please contact:
Taylor Rowden
PUBLICIST
LIZ LAPIDUS PR
O | 404-688-1466
C | 404-735-0198
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FOLLOW ME @taylor_rowden
772 Edgewood Ave, NE
Atlanta, Georgia 30307
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