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New York Investor Pays $51 Million for Atlanta-Area Embassy Suites

Proximity to New Braves Stadium, Arts Center Draws Garrison Investment Group to Asset
November 28, 2017
Having hit a home run earlier this year with a hotel investment near SunTrust Park, a New York investor is taking a swing at a second investment in the area.

Garrison Investment Group recently closed on its acquisition of Embassy Suites by Hilton Atlanta-Galleria, a 263-suite hotel in Atlanta's northwest submarket. The company paid $51.3 million, or roughly $195,000 per room, for the hotel at 2815 Akers Mill Rd.

The seller is an affiliate of True North Management Group of White Plains, NY. True North acquired the asset in December 2014 for $30.8 million.

Last year, the former hotel owner completed an $11.65 million renovation of the nine-story hotel built in 1975. The project included a complete upgrade of guestrooms and bathrooms, a reconfiguration of the lobby and addition of a new restaurant, and the expansion of the meeting space.

Charles Pomerantz, managing director of Garrison Investment, said the hotel's location in the Cobb-Galleria area, which has seen a boomlet of sports, entertainment and multifamily development, drew the investor to the hotel. Also, the Embassy Suites brand is "one of the strongest to have in this type of market."

The hotel is across the street from the Cobb Energy Performing Arts Centre, Cobb Galleria Convention Center and a short drive to SunTrust Park, the new home of Major League Baseball's Atlanta Braves, and its mixed-use component, The Battery.

"This is what really attracted us to the asset," Pomerantz tells CoStar News. "We really like the live-work-play type of market, and this market speaks to that."

Garrison already has successfully invested in the Cumberland-Galleria area. In April 2017, Garrison sold the 401-key Atlanta Marriott Northwest on Interstate North Parkway for $56 million. The investment firm paid $18.2 million for the Marriott in 2013 and completed a $16 million renovation of the Marriott in 2014.

As a result, Garrison is seeking additional opportunities in metro Atlanta. "We like the Atlanta market and will continue to look in the market," Pomerantz said. "We believe there is still tremendous opportunity for growth in the market."

For more information on the transaction, please see CoStar Comp #4049343.


Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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