March 14, 2017
Arden Group acquired the 763-key Sheraton Atlanta Hotel at 165 Courtland St. N.E.in downtown Atlanta. Sellers Amerimar Enterprises and Contrarian Capital sold the asset for $64.2 million. Robert Webster, Tim Southard and John Harper with JLL represented the seller in the transaction.
Arden Group will be investing an additional $7 million to renovate the hotel.
The Sheraton is one of downtown Atlanta’s largest convention hotels, featuring 90,000 square feet of meeting space, three food and beverage locations, a fitness center and an indoor pool. The facility also underwent a recent renovation for $15 million, Webster said. That, plus the fact that the hotel is near Georgia State University, and is in a market with limited new supply, means “Atlanta’s lodging market is well-positioned for future growth,” he said.
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