Carey Watermark Investors has acquired the newly-built Hilton Garden Inn and Homewood Suites dual-branded hotel in Atlanta. The select-service and extended-stay property includes a total of 228 guestrooms and is located in Midtown Atlanta. A purchase price was not disclosed.
High quality hotel property: The Hilton Garden Inn and Homewood Suites Midtown Atlanta was built in 2013 to the highest standards of the Hilton brand. The select-service property has features including 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.
Central location in Midtown Atlanta: The hotel benefits from its central location 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 convenient 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.
Growing Atlanta market: From 2009 through 2014, RevPAR for the Atlanta market registered compound annual growth of 7.4%, compared to the national RevPAR compound annual growth of 6.8% 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.
Experienced management: The hotel will be managed by Crescent Hotels & Resorts, a nationally recognized, top-ten independent third-party operator of hotels and resorts. Crescent currently operates over 80 hotels and resorts, with close to 19,000 rooms in 29 states and Canada. Crescent is one of a small group of independent management companies approved to operate hotels under the Marriott, Hilton, Starwood, Hyatt and InterContinental flags.
Strong Hilton Worldwide brand affiliation: The Hilton Garden Inn and Homewood Suites are Hilton Worldwide’s upper mid-scale select-service and upscale extended-stay brands, respectively. Hilton Worldwide is a leading global hospitality company with 4,200 hotels worldwide and more than 700,000 rooms. The property benefits from Hilton branding, its global reservation system and its rewards program; the Hilton Honors Program has over 40 million participants.