A venture comprised of Greystar, Concord Hospitality and Whitman Peterson has sold the 176-room Canopy Atlanta Midtown to Peachtree Hotel Group.
Peachtree, headquartered in Atlanta, is also set to operate the property.
The Canopy Atlanta Midtown opened in December 2018 in conjunction with the adjacent Ascent Midtown Apartments, developed by Greystar. The hotel anchors the northern end of Midtown Atlanta and presents a brand experience for the booming submarket, which continues to attract blue-chip corporations and highly-educated residents, all in immediate proximity to Georgia Tech’s 400-acre campus, Savannah College of Art and Design’s newly-purchased Midtown Atlanta campus, and leisure amenities within the area’s urban core.
The Plasencia Group advised the group venture on the sale, marking the second Atlanta-area lodging sale consummated by the advisory firm over the past three months. “We’re extremely pleased to help our client successfully exit their investment and, likewise, are excited to see Peachtree Hotel Group, a leader within the hospitality industry and a household name in the Atlanta area, assume ownership of this pristine property,” Chris Plasencia said in a statement. "As a leading lifestyle hotel within Midtown Atlanta, the Canopy’s impressive suite of amenities and contemporary guestroom product position the property among the submarket’s finest lodging options.”
Lou Plasencia, Robert Wiemer, Nick Plasencia, and Chris Plasencia facilitated the transaction. The firm has orchestrated the sale and financing of more than $1.2 billion in lodging transactions across 6,100 rooms in the southeast United States’ most active lodging markets over the past 12 months.