Carey Watermark Investors Inc. (CWI), The Arden Group Inc. and Marcus Hotels & Resorts have acquired the Westin Atlanta Perimeter North in a joint venture.
The 372-room hotel includes 20,000 sq ft (1,858 sq m) of meeting space, restaurant, lounge, business center, fitness center, gift shop, outdoor pool and 338 parking spaces. Located approximately 15 mi (24 km) from downtown Atlanta, the property is located at the intersection of I-285 and GA 400 within the Concourse Corporate Center. Opened in 1986, the property has been branded as a Westin since 1996.
The joint venture’s total investment in the property is approximately US$57 million, including an approximately US$14 million renovation of guestrooms and public spaces, which is anticipated to be completed in early 2014. The property was acquired from an affiliate of DiamondRock Hospitality Co.
The hotel will be managed by Marcus Hotels & Resorts, which has an approximately 11% indirect interest in the joint venture. CWI’s interest in the joint venture is approximately 57%, while Arden Group has an approximately 32% indirect interest in the venture.
“The Atlanta market is projecting continued growth for white-collar jobs, and that was an important factor for us,” said Craig Spencer, president and CEO of Arden Group. “With the renovations planned, this property will be well positioned to capture market share, increase occupancy and drive rate.”