Midtown Hotel Sold to Make Way For More
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North Point Hospitality Group has unloaded its dual-branded Midtown hotel to pave the way for $155M in new hotel projects in the Southeast. The Atlanta-based hotel developer sold its Hilton Garden Inn/Homewood Suites Atlanta Midtown hotel, a 228-unit hotel off 10th Street to NY-based Carey Watermark Investors for an undisclosed sum. "We continue to be optimistic about the Atlanta market and our growing presence there," says North Point CEO Jay Patel. "The timing of the sale was such that it represented significant value for both buyer and seller."
Patel says the sale "paves the way for our future development plans. By year end, we expect to break ground on four hotels in the Southeast." That includes some 605 rooms and a total development cost pipeline of $155M, he says. Patel did not disclose specific hotels, but the firm is opening its 162-unit Homewood Suites in Savannah's Riverfront historic district this summer—part of a larger River Street East mixed-use development that will include hotels, retail and dining space for $150M. The firm also announced in April that it will develop a $120M tri-branded Marriott hotel in Nashville, including AC Hotel by Marriott, Residence Inn and SpringHill Suites, totaling more than 400 rooms.