Machine Investment Group—a real estate investment platform focused on opportunistic, distressed and special situations across the United States—has formed a joint venture with private hotel investment firm Lionshead Capital Partners to acquire the Atlanta Airport Marriott, a 641-room full-service hotel adjacent to Hartsfield-Jackson Atlanta International Airport. White Label Asset Management will be the asset manager for the property.
The 16-story hotel is on a 16-acre parcel and has 30,178 square feet of dedicated indoor meeting space (including a 9,928-square-foot ballroom), multiple food and beverage outlets, an indoor/outdoor pool complex, a fitness center and six pickleball courts. The property is one of the largest hotels serving Atlanta's airport market in terms of both key count and meeting/event space.
The property is five minutes from Hartsfield-Jackson Atlanta International Airport as well as major corporate employers. The acquisition comes as ATL continues to undergo a $11.5 billion expansion program.
Machine and Lionshead plan to implement a comprehensive capital improvement program designed to enhance and further strengthen the hotel's competitive position. The renovation will encompass nearly every major component of the property, including the exterior façade and arrival experience, guestrooms, meeting and event facilities, food and beverage outlets, and technology infrastructure. While guestrooms were last renovated in 2017, the planned enhancements are intended to elevate the property's overall guest experience and further strengthen its competitive positioning within the Atlanta airport hospitality market.
The sale was arranged by William Hodges and Michael Tormey with Hodges Ward Elliott.
"Our firm is excited about this acquisition as it aligns well with our opportunistic investment strategy: a strategically located institutional asset with strong cash flow that we were able to acquire at a heavily reset basis," Eric Rosenthal, co-founder and managing partner of Machine Investment Group, said in a statement. "We now have the opportunity to execute a value-add business plan centered on enhancing the hotel's physical quality, elevating the guest experience, and further strengthening the operational platform."
"The Atlanta Airport Marriott is the premier group and meeting destination in the country's busiest airport market, with a scale of event space that is very hard to replicate," said Jonathon Vopinek, co-founder of Lionshead Capital Partners and CEO of White Label Asset Management. "Our plan centers on a significant renovation of the meeting and event space paired with hands-on asset management to realize the property's full potential."