DEW SAYS "NO" TO HOTEL

John Dewberry is finally checking out of his Midtown Hotel.
 
We drove by and snapped a pic of Hotel Midtown, which was officially foreclosed by CW Capital July 5 for an undisclosed loan amount. Thus officially ends  two years of loan modification talks in which Dewberry rejected a final offer placed on the table by the special servicer, company officials say. Now, according to a Trepp report, the property is up for sale through CW and is in fact "reviewing offers." Dewberry, best known for office developments (and possibly his stint as a starting Georgia Tech QB), jumped into the hotel sector in 2003, when he purchased  191-unit  former Wyndham Hotel at 125 10th St for $21M (according to Trepp, the IO loan value is  $26M and matured this past May). Dewberry says the ?hotel did not fit the economic model? of other company projects ?due to significant renovations required because of suspect original construction.? The company didn't specify beyond that but added that it was a profitable hotel while it was under Dewberry's control (bringing in  $10M  in profits). ?Dewberry Capital was simply unwilling to reinvest realized profits for unacceptable returns,? says Dewberry's Brandon Hatfield.
While Dewberry Capital made the decision to pass on Hotel Midtown, it has been on a  buying spree  lately, including the famed Campanile building where John lured Morris Manning and Martin as a key tenant, shocking the local CRE world. Dewberry also recently acquired prime Peachtree  development sites including the corner of Peachtree and 17th St, as well as 1627 Peachtree from the late John Hunsinger. Still, Dewberry continues to expand the Dewberry Hotel brand with a project currently under construction in Charleston, and has other potential projects in Chicago, NY, DC, and Dublin, Ireland. (As theEagles once said about CRE: You can check out any time you like... but you can never leave.)

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

Bisnow's 2026 DEI Data Series

Lincoln Property's New Pennsylvania Head On What Types Of Deals He's Targeting

Philly's Busy Summer Created Momentum. Can The City Turn It Into Long-Term Growth?

1375 Peachtree: A Bespoke Design Redefining The Midtown Atlanta Workspace

Furniture Outlet The Dump Is Getting Dumped In Atlanta

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

Thor Equities Plans $1B Data Center In North Georgia: The Atlanta Deal Sheet

Former CBRE Exec Suing Brokerage Giant Over Age Discrimination, Whistleblower Complaint

D.C. Investor Behind The Stacks Swaps CEO For First Time In 25 Years

Solar Projects In Georgia Meet Local Backlash As Data Centers Drive Demand For Power