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New York's Olshan Properties is keeping its all-suites hotel tower in the Cumberland/Galleria with fresh debt.
Olshan Properties refinanced the 278-room Sheraton Suites Galleria-Atlanta for $31M with a five-year, floating rate loan with Mesa West Capital. The move comes nearly six years after the family-run New York investment firm purchased the hotel for $21M and infused it with an $11M upgrade that included refurbished guest rooms and a new lobby.
The hotel is across the street from the Cobb Galleria Centre and just across Interstate 285 from SunTrust Park. Calls to Olshan were not returned as of press time. HFF Senior Managing Director Danny Kaufman, Senior Director Jeff Bucaro and directors Nicole Aguiar and Matt Casey represented Olshan in the transaction.
It has been an auspicious time for hotel owners and operators in Atlanta. Hoteliers overall saw a strong 2018, with revenue per available room, or RevPAR, increasing almost 4% to $78.86/night from 2017. The momentum only mounted during the Super Bowl, with many hotels experiencing increases in room rates by as much as 200%.
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