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Atlanta Commercial Real Estate

Ponce Hotel Close To New Owner

Ponce de Leon Hotel is about to be sold. (If the negotiations aged the brokers several years, we know a guy who has a Fountain of Youth.) Franklin Street's Jake Reid— here with Danny York at lunch last week—tells us he has the  17k SF historic hotel under contract with undisclosed investors. The sellers are a long-time family ownership. Jake and Danny also say they're seeing an  influx of foreign money coming into Atlanta, via California and South Florida. Jake has Cascade Oaks, a  112-unit, Class-C apartment complex, under contract with California investors. Israeli money also pursued the project.

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