Developer CIM Group has an ambitious plan to remake a long-neglected, sunken rail yard in downtown Atlanta that locals call "The Gulch." A new hotel will play an integral role in whether CIM Group's venture is successful.
The CIM Group project, the $5 billion Centennial Yards, is a mixed-use development where a multifamily building has already opened and a retail and entertainment district is on the way. Centennial Yards will also include lodging and Hotel Phoenix, which opened in December 2025, the district's first entry in that category.
Because of its importance to CIM Group's plan, Hotel Phoenix earned a 2026 CoStar Impact Award for commercial development of the year for Atlanta, as judged by real estate professionals familiar with the market.
The Gulch for decades consisted of a collection of surface parking lots and freight railroad lines, surrounded by several road viaducts. CIM Group is transforming the area with new construction.
The location of the Gulch is a short walk to two major sports facilities, Mercedes-Benz Stadium and State Farm Arena, as well the Georgia World Congress Center, the largest convention facility in Atlanta. Hotel Phoenix aims to serve the legions of sports fans and convention-goers who descend on downtown Atlanta multiple times a year. The hotel will emphasize the work of local artists with a dedicated curator and rotating installations.
The building was designed by the Atlanta architecture firms TVS and Goode Van Slyke.
Hotel Phoenix is less than a half-mile from another hotel tower that opened recently. When Signia by Hilton opened on Northside Drive in 2023, it marked the first new high-rise hotel in downtown Atlanta in decades.
About the project: Hotel Phoenix is a 292-room luxury hotel in a 19-story tower in a prominent downtown location. It is part of the Preferred Hotels & Resorts network.
What the judges said: “Apropos name for a development that intends to do just that, rise from nothing to being a project to begin the transformation of this area,” said Scott Amoson, associate field research director at CBRE.
They made it happen: A large team from Los Angeles-based CIM Group worked on the project, including managing directors Gary Schweikert and Bradley Aaronson; senior construction manager Olivia Fru; first vice presidents Brandon Dexter and Derek Fraychineaud; analyst Christine Rector; associate Ruchit Patel; and project coordinator Sheneka Woods.