The Renaissance Atlanta Midtown Hotel has been sold to Carey Watermark Investors 2 Incorporated. Built in 2009, the 21-story, full-service property boasts 304 guestrooms. Located at the northwest corner of West Peachtree Street and Abercrombie Place, the property has undergone over $3 million of capital improvements between 2011 and 2015. Amenities in the building include 8,600 sqf of meeting space, a restaurant, rooftop bar and lounge, 24-hour spa and a business center. Terms of the sale were not disclosed.
Michael Medzigian, Chief Executive Officer of CWI 2, said the acquisition of the Renaissance Atlanta Midtown Hotel “represents the opportunity to invest in a newly built, upper upscale hotel with a strong brand affiliation, located in one of the most significant and growing business districts in the Southeast. Planned property improvements include a soft goods renovation of the guestrooms along with improvements to public areas and meeting space. We believe this investment in conjunction with the implementation of our strategic value-add initiatives will enhance the diversification of CWI 2’s growing portfolio and its ability to generate solid long-term cash flow.”
