New York-based Monomoy Property Ventures and real-estate investment manager Axonic Capital have partnered to acquire a 462-key hotel and convention centre located at 590 West Peachtree Street in Atlanta, Georgia.
The partnership plans to put the property through a full-scale renovation programme and rebrand it as a Marriott Hotels property.
The hotel in Atlanta is currently operating as a Crown Plaza by IHG.
Earlier in October 2025, University Place Asset Management revealed that it arranged a $67.5m loan for the acquisition and renovation.
Axonic Capital managing director Eric Sitman said: “We are thrilled to partner with Monomoy to acquire this strategic asset that is primed for a repositioning and rebranding.”
The planned renovation will update guestrooms, suites, public facilities and back-of-house systems to align with Marriott’s operational requirements.
Following the refurbishment, the property will reopen as Marriott Atlanta, offering meeting spaces, an “M-Club” lounge, new dining options. The hotel will also become part of the Marriott Bonvoy’s loyalty programme.
Monomoy founder and managing partner Kevin Vaughan said: “This project aligns with Monomoy's track record of acquiring high quality real estate in growing markets with creative repositioning potential.
“Through a major renovation and conversion to The Marriott Atlanta, we are excited to create a strong product-market fit for the Atlanta traveller and deliver attractive outcomes for our partnership.”
Monomoy will lead the capital investment programme in collaboration with an architectural and design team.
Cooper Carry has been appointed as architect for the project, responsible for all design and engineering work.
Schulte Hospitality Group will take over as property management company.
Schulte Hospitality Group chief operating officer Sam Grabush said: “We are pleased to partner with Monomoy and Axonic on this strategically significant Atlanta investment. Together, we will elevate the property's performance profile, drive long-term ROI and strengthen its positioning as the premier full-service Marriott asset in the Atlanta market.”
Construction is scheduled to begin after the 2026 FIFA World Cup matches played in Atlanta, with the reopening anticipated for late 2027 before the city hosts Superbowl LXII.
