MAKEOVER
| Underground Atlanta's hotel, most recently housing for Georgia State students, will soon be a Comfort Suites. | |
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Yesterday we snapped this of the hotel, which is set to get a $2.6 million facelift. A subsidiary of Place Properties sold the property to a joint venture between Philly-based Frontline Management and Atlanta-based S&A Hospitality. The deal was ?very unusual,? according to Anthony Falor of Hodges Ward Elliott, who repped the seller, because franchisor Choice Hotels lent financial assistance to make the deal happen. | |
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Late yesterday, we took this shot of University Commons, the student housing complex that Georgia State opened a few years ago. It's 4.2 acres with four apartment buildings at the corner of Piedmont and Ellis, housing 2,000 students. While it's been good for the city, it created tough-to-beat competition for the former University Place at Underground. Atlanta-based Place Properties, a multi-family development and management company with a division focused on student housing, saw demand dry up, Anthony says. | |
