{"id":1004149599,"date":"2016-08-05T00:17:15","date_gmt":"2016-08-05T08:17:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004149599"},"modified":"2022-03-03T16:57:43","modified_gmt":"2022-03-04T00:57:43","slug":"aloft-atlanta-hotel-lands-new-owners","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aloft-atlanta-hotel-lands-new-owners\/","title":{"rendered":"Aloft Atlanta Hotel Lands New Owners"},"content":{"rendered":"<p><em>By Robert Demeter<\/em><\/p>\n<div id=\"attachment_1004149603\" style=\"width: 325px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Aloft-Atlanta-Downtown-Exterior-Day.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004149603\" data-attachment-id=\"1004149603\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/aloft-atlanta-hotel-lands-new-owners\/aloft-atlanta-downtown-exterior-day\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Aloft-Atlanta-Downtown-Exterior-Day.jpg\" data-orig-size=\"1600,900\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Aloft Atlanta Downtown\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Aloft Atlanta Downtown&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Aloft-Atlanta-Downtown-Exterior-Day.jpg?w=1024\" class=\"wp-image-1004149603\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Aloft-Atlanta-Downtown-Exterior-Day.jpg\" alt=\"Aloft Atlanta Downtown\" width=\"315\" height=\"177\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Aloft-Atlanta-Downtown-Exterior-Day.jpg 1600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Aloft-Atlanta-Downtown-Exterior-Day.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Aloft-Atlanta-Downtown-Exterior-Day.jpg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Aloft-Atlanta-Downtown-Exterior-Day.jpg?resize=1024,576 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Aloft-Atlanta-Downtown-Exterior-Day.jpg?resize=1536,864 1536w\" sizes=\"auto, (max-width: 315px) 100vw, 315px\" \/><\/a><p id=\"caption-attachment-1004149603\" class=\"wp-caption-text\"><em>Aloft Atlanta Downtown<\/em><\/p><\/div>\n<p><strong>Atlanta<\/strong>\u2014<a href=\"https:\/\/condorhospitality.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Condor Hospitality Trust Inc.<\/a> has recently entered into a joint venture agreement with <a href=\"https:\/\/www.threewallcapital.com\/about\/\" target=\"_blank\" rel=\"nofollow noopener\">Three Wall Capital<\/a> to acquire the 254-key <a href=\"https:\/\/www.aloftatlantadowntown.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Aloft Atlanta Downtown<\/a>\u00a0hotel.<\/p>\n<p>Through its operating partnership subsidiary, Condor will own 80 percent of the joint venture, with Three Wall Capital owning the remaining 20 percent. The purchase price of the hotel equated to $43.5 million. Subsequent to the transaction&#8217;s closing in the third quarter, the hotel will be managed by Boast Hotel Management Co., an affiliate of Three Wall Capital.<\/p>\n<p>&#8220;This transaction represents another premium quality, select service hotel acquisition meeting the investment strategy of the company,&#8221; said Bill Blackham, CEO of Condor Hospitality Trust. &#8220;As we continue to expand our new investment platform, we have once again utilized industry contacts to source an off-market hotel acquisition that will be managed by an affiliate of the party that introduced the investment opportunity.\u201d<\/p>\n<p>Aloft Downtown Atlanta is centrally located at 300 Spring St., NW., within walking distance of the Centennial Olympic Park, the Georgia Aquarium, World of Coca-Cola, Philips Arena, and more. Apart from the 254 rooms, the hotel features a meeting space with state-of-the-art audio\/video\u00a0equipment, a fitness center, outdoor pool and bar and lounge. The hotel is also pet friendly.<\/p>\n<p>\u201cCombining the fact that this hotel was completely renovated and converted to the very popular Aloft brand less than two years ago with the hotel&#8217;s attractive location in the downtown CBD market, makes this acquisition very compelling and we expect positive returns for our shareholders,&#8221; added Blackham.<\/p>\n<p><em>Photo courtesy of Aloft<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The purchase price for the 254-key hotel was $43.5 million.<\/p>\n","protected":false},"author":59,"featured_media":1004149603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21825,21751,21783,21742],"tags":[],"class_list":["post-1004149599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-finance","category-hotel","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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