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Atlanta Commercial Real Estate

Georgian Terrace's New Owners

In case you missed it, Sotherly Hotels revealed in an SEC filing yesterday that it purchased the Georgian Terrace Hotel, the iconic 326-room Midtown Atlanta hotel across from the Fox Theater, for $61M, or about $140k/room. The deal, according to docs, includes nearly two acres, a nearly 700-space parking deck, and a separate half-acre development parcel, and Chesapeake Hospitality will manage the hotel. To do the deal Sotherly secured a 25-year $41.5M loan with the Bank of the Ozarks with a year interest-only. The company also reports average daily occupancy is about 72% with a rate of $136/night.

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