Investment firm Certares Management has acquired The Embassy Suites Atlanta Midtown in partnership with Highlands Investments and Monomoy Property Ventures (MPV).
Located in Atlantic Station area of Midtown in Georgia, the hotel is situated adjacent to technology giant Microsoft‘s new eastern headquarters in the US and near Georgia Tech’s main Atlanta campus.
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Embassy Suites Atlanta Midtown has 181 suites and each room being approximately 500ft2, on an average, in size.
Every suite comes with a private kitchenette and separate living room area.
The newly built property also has a lobby bar, restaurant, large fitness area and pool and 2,600ft2 of meeting space.
Certares real estate senior managing director & head Nolan Hecht said: “We are thrilled to acquire this brand-new asset in the heart of Atlantic Station.
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By GlobalData“Midtown Atlanta is the city’s preeminent submarket for technology and healthcare talent recruitment and is seeing an array of corporate relocations and expansions.”
Financial terms of the transaction are not disclosed.
As part of the deal, the partners also acquired the adjacent land parcel and an income-producing parking component.
The partners selected hospitality management company HEI Hotels & Resorts to operate the property.
Headquartered in Norwalk, Connecticut, HEI owns and/or operates 84 hotels and resorts throughout the US.
MPV founder Kevin Vaughan said: “We look forward to building on a close relationship with Certares, Highlands, HEI and Hilton as we execute on our business plan at this asset, and to participating in the substantial ongoing growth in the midtown Atlanta business community.”
