Marcus Hotels & Resorts, a division of Milwaukee-based Marcus Corp., is teaming with Carey Watermark Investors Inc. (CWI) and The Arden Group to acquire the Westin Atlanta Perimeter North in a joint venture.
The 372-room Atlanta hotel includes 20,000 square feet of meeting space, restaurant, lounge, business center, fitness center, gift shop, outdoor pool and 338 parking spaces.
The joint venture’s total investment in the property is approximately $57 million, including an approximately $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 Company.
Located approximately 15 miles from downtown Atlanta, the property is situated in Atlanta’s second-largest office sub-market, with more than 22 million square feet of space. The hotel is located on a 6.25 acre site at the highly visible intersection of I-285 and GA 400 and within the Concourse Corporate Center.
The hotel will be managed by Marcus Hotels & Resorts, which also has an approximately 11-percent indirect interest in the joint venture. CWI’s interest in the joint venture is approximately 57 percent, while Arden Group has an approximately 32 percent indirect interest in the venture.
Gregory Marcus, president and CEO of The Marcus Corp., said, “MCS Capital, LLC, our new hotel investment affiliate, identified this opportunity and brought us together with two highly respected partners who also invest in value-add transactions and are experienced with full-service, upscale hotels. The extensive renovations planned for the Westin Atlanta Perimeter North are a perfect fit for our 50 years of experience in restoring distinctive hotel properties. We look forward to putting our core strengths in upscale hotel operations and marketing to work in driving performance in this market-leading hotel property. We are pleased to partner with Carey Watermark and Arden Group in this joint venture and continue to seek other potential opportunities to further expand our hotel business.”
With the addition of the Westin Atlanta Perimeter North, Marcus Hotels & Resorts owns and/or manages 20 hotels, resorts and other properties in 11 states.