Barry Hotel Partners and Starwood Capital Group Add Eco-Friendly Luxury Hotel to the Streets of Buckhead
Atlanta Location One of First in Southeast for 1 Hotel & Residences
ATLANTA, Aug. | Barry Hotel Partners, a division of Barry Real Estate Companies, and Starwood Capital Group will develop a 1 Hotel & Residences as part of The Streets of Buckhead, the massive mixed-use development spearheaded by Atlanta-based Ben Carter Properties. The 1 Hotel, an eco-friendly luxury global hotel brand by Starwood Capital, will open its doors to the public in 2010, offering guests and residences an unmatched combination of environmentally sustainable architecture, luxurious comfort and impeccable service.
"Atlanta has grown up a lot in the last several years and it's ready for the level of luxury shopping, dining, lodging and living that The Streets of Buckhead will offer," said Butch Ross, executive director and founding principal of Atlanta-based Barry Hotel Partners. "1 Hotel & Residences Atlanta – Buckhead will bring a level of sophistication that has not been seen in Atlanta's hotel industry but has long been desired."
Residents and guests of 1 Hotel & Residences Atlanta – Buckhead will be treated to world-class restaurants, banquet services and spas. In addition, they will have access to a new concierge concept with unparalleled personalization to ensure all that is needed and most of what can be imagined will be provided effortlessly.
"I am extremely pleased to bring our revolutionary hotel concept to a neighborhood that itself has undergone a tremendous renaissance the past several years," said Barry Sternlicht, Chairman and CEO of Starwood Capital. "Buckhead is a premier luxury location attracting some of the finest retailers and restaurants from around the world, making it a perfect fit for 1 Hotel and its unrivaled ability to combine exquisite living arrangements with an environmental conscience. Together with our very talented partners at Barry Hotel Partners, we look forward to delivering this truly unique living experience to guests and residents of Atlanta alike."
Consistent with its mission statement, the design-driven 1 Hotel & Residences will demonstrate that green principles can coexist and enhance a luxury hospitality experience and healthy residential lifestyle. The Natural Resources Defense Council (NRDC) has agreed to be an environmental advisor to 1 Hotel & Residences with the initial goal of setting a new standard for environmental excellence and, over time, to transform the entire hotel industry. The hotel will also donate one percent of its revenues to local environmental organizations.
Barry Hotel Partners will develop 1 Hotel & Residences Atlanta – Buckhead on Peachtree Road at the Northeast intersection of Pharr Road. The project will feature 100 condominium residences, a 175-key hotel, a world class spa and a restaurant. Residents of the new condominium homes will have full access to the hotel services. The hotel will break ground in mid-2008 and open in 2010.
As with all 1 branded projects, 1 Hotel & Residences Atlanta – Buckhead will be LEED-certified. The LEED rating system was created by the U.S. Green Building Council and is the nationally accepted benchmark for the design, construction and operation of high performance green buildings.
Barry Hotel Partners, formed earlier this year, is a full-service hotel developer focusing on boutique, four-- and --five star hotel brands. In addition to leveraging key properties owned by Barry Real Estate, the new entity will seek other development opportunities. Joining the new division is veteran hotel developer David Edwards, as senior director of design and construction.
"It was a missing link in Barry Real Estate's business model," said Chris Schoen, CEO of Barry Real Estate Cos. "As a full-service real estate company, Barry Real Estate can now execute any portion of a mixed-use project, including hotels."
1 Hotel & Residences, the world's first "green" global luxury hotel brand, was created by Mr. Sternlicht, who is widely credited with revolutionizing the hotel industry by creating such concepts as the W Hotels brand and the Westin Heavenly Bed brand of products while he was Chairman and CEO of Starwood Hotels and Resorts. The first hotel for the chain is under construction in Seattle. Other sites announced include New York, Washington, D.C., Paris, Scottsdale, Ariz., Mammoth Lakes, Calif., and Ft. Lauderdale, Fla.
The Streets of Buckhead will be an 800,000 square foot, mixed-use community in the heart of the former Buckhead Village area. The high-profile development will transform eight acres – bordered by Pharr Road on the south, Peachtree Road on the West, and East Paces Ferry Road on the north, and North Fulton Avenue on the east – into a charming and walkable streetscape offering upscale boutiques, tony restaurants and sidewalk cafes. Upon completion, The Streets of Buckhead will feature more than 500,000 square feet of retail and restaurant space, most of which is dedicated to internationally celebrated luxury and lifestyle brands; four world-class hotels, up to 1,000 luxury residential units and more than 300,000 square feet of class A office space.
About Barry Hotel Partners
Formed in mid-2007, Barry Hotel Partners is a division of Barry Real Estate Cos. Barry Hotel Partners is a full service hotel developer focusing on boutique, four-- and --five star hotel brands. In addition to leveraging key properties owned by Barry Real Estate, the new entity will seek other development opportunities. Barry Real Estate, founded in 1995 by Hal Barry and Chris Schoen, is a full-service commercial real estate firm specializing in office, hotel and mixed-use development, marketing and management. Barry Real Estate Cos. has established a niche in the constantly changing real estate marketplace by operating under a tenant-driven development and service-oriented strategy. For more information, please visit .
Starwood Capital Group Global, LLC is a privately-held global real estate investment firm based in Greenwich, CT (with its predecessor Starwood affiliates "Starwood"). Founded in 1991, Starwood specializes in the creation and acquisition of real estate-related investments on behalf of commingled investment funds that are sponsored and created by Starwood or its affiliated entities. Such real estate-related investments include residential and commercial land development, multifamily, hotel, office, retail, mixed use, industrial, health clubs, golf and mezzanine debt. Starwood's clients include public and private retirement programs, university endowments, foundations, international and high net worth investors.
During the past fifteen years, Starwood and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value on behalf the funds. Starwood has advised on and/or closed on behalf of its funds over 215 transactions ranging in size from $1 million to $14.6 billion. Recent transactions by its affiliated funds include the $3.2 billion acquisition of Groupe Taittinger and Societe du Louvre, Europe's second largest hotel network with a unique collection of 14 luxury hotels in Europe, including France and Switzerland, in addition to managing over 800 budget hotels throughout Europe. Starwood, on behalf of its affiliated funds, has led the formation and/or growth of several market leading companies including iStar Financial, the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide, a leading global owner/operator of hotels, Westin Hotels & Resorts (through a 50/50 partnership with Goldman, Sachs & Co.) which was merged into Starwood Hotels & Resorts Worldwide in January 1998, and Equity Residential Properties Trust, one of the premier US multifamily REITs; and National Golf Properties, Inc., who, together with its private sister company, owned, leased or managed 255 golf courses.
About Ben Carter Properties
Founded in 1993, Ben Carter Properties is an Atlanta-based, full-service commercial real estate firm which specializes in retail, office and mixed-use projects throughout the Southeast. Over its history, the company has developed over $1 billion in real estate projects. Currently the company has $2 billion in new projects in development, with planned openings by 2010. The Ben Carter Properties team of experts focuses on four distinct areas of real estate services: development, asset management, leasing and brokerage. For information, please visit .
Laura O'Hare
+1-212-529-5533
Starwood Capital Group
