A LOSS FOR THE W?

Details surrounding the fate of the W continue to trickle in. Quick recap: Capri Capital, security holder of the Downtown W Hotel & Residences, hired Jones Lang?s hotel group to auction the property at 45 Allen Plaza. The building is scheduled for sale March 29 at law firm Greenberg Traurig?s Chicago offices. The 28-story, 450k-SF tower, with 237 rooms, topped by 74 luxury condos, is part of Barry Real Estate?s Allen Plaza, a complex originally projected to cover nine blocks between Peachtree St and the tourist area surrounding Centennial Olympic Park. Barry is still working to restructure the debt and prevent the foreclosure, and hotel operations will not be affected. Barry has also been working with lenders to restructure debt on the land for the planned office tower at 50 Allen Plaza. The economy and lending environment have not been kind to Atlanta's grand visions of late: Construction at the nine-acre Streets of Buckhead project is halted while developer Ben Carter seeks a cash infusion.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Atlanta Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

The Wideman Co. Buys Downtown Tower From Brookfield: The Houston Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Forget Buildings, Retailers Are Leasing Environments

Emory Takes Over Proton Center For $82M: The Atlanta Deal Sheet

Empire State Building Observation Deck Hemorrhaging Visitors, Value