MK’s Atlanta Office Closes Sale of Holiday Inn Atlanta Downtown
Atlanta, Georgia | Molinaro Koger (MK) announced today the closing of the Holiday Inn Atlanta Downtown, which they facilitated. The 260-room property was acquired by a joint venture of Alex Brown Realty, Inc (ABR) and Piedmont Hospitality. The hotel will remain a Holiday Inn following the sale and is scheduled to receive further renovations.
This is the second joint venture between ABR and Piedmont. In October 2006, the two firms acquired the 220-room Doubletree Club Hotel adjacent to the Hartsfield-Jackson Atlanta International Airport.
“This hotel was an ideal acquisition for ABR and Piedmont Hospitality. It was a pleasure to bring such qualified investors to our client,” commented Barry Swanson, Managing Director of MK’s Atlanta office who marketed the hotel and structured the transaction.
“Continued improvements to the asset strategically position the purchasers to maximize the Downtown Atlanta market’s development and expanding initiatives,” continued Mr. Swanson. “Our client agreed now was an excellent time to market the property. The timing of the transaction allowed them to capitalize on their investment and redeploy equity into other ventures.”
The location of the Holiday Inn Downtown Atlanta offers superb access to some of the top tourist and business destinations in the city. Atlanta is home to 27 Fortune 1000 companies’ headquarters including: United Postal Service, Coca-Cola, BellSouth, Georgia-Pacific, The Home Depot, Delta Airlines, SunTrust Banks, and Newell Rubbermaid.
The hotel’s proximity to Georgia World Congress Center and America’s Mart, both within walking distance, provides significant demand for the property and the region. Visitors and convention attendees represent approximately 550,000 room night bookings for the city.
“We received a tremendous amount of interest in this offering. Based on the strength of the Atlanta market, the attributes of this property and previous accomplishments of our client, I anticipate continued success for this hotel,” concluded Mr. Swanson. During the last 12 months MK has structured more than $4.2 billion in hotel real estate transactions worldwide. For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or via www.mkhotels.com.
MK structures the transactions of luxury hotels and resorts, in addition to urban and mid-scale properties throughout the Americas, Europe, and the Far East. During the last 12 months MK has completed more than $4.2 billion in hotel transactions. The firm closes, on average, more than 75 hotel transactions each year. Each member of the MK team posses a unique perspective and invaluable insight. Together they have leading-edge expertise in every aspect of the hospitality business.
For further information about this transaction and current hotel property offerings, please contact MK at 703.760.9600 or visit our website at