JLL arranged the sale of the Sheraton Atlanta Hotel on behalf of affiliates of Amerimar Enterprises and Contrarian Capital. Affiliates of Arden Group purchased the 763-key property, located in downtown Atlanta.
Managing director Robert Webster, EVP Tim Southard and VP John Harper led the JLL team on the transaction. JLL has now sold over $1 billion in Atlanta hotels since 2013, including over $600 million downtown Atlanta.
“The sellers recently transformed this institutional quality asset through significant renovations. And it’s located adjacent to Georgia State University in rapidly growing Downtown Atlanta, making it very appealing to buyers,” Webster said in a statement. “With limited new supply in the area and increasing demand, Atlanta’s lodging market is expected to continue growing in the years to come.”
The Sheraton Atlanta Hotel has 90,000 square feet of meeting space, three food and beverage outlets, a fitness center and an indoor pool. The property is located within walking distance from attractions including the Centennial Olympic Park which commemorated the 1996 Olympic Games, as well as the Philips Arena, Martin Luther King, Jr. National Historic Site and the National Center for Civil and Human Rights.