{"id":1004169495,"date":"2017-03-16T02:02:06","date_gmt":"2017-03-16T10:02:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004169495"},"modified":"2022-12-08T21:33:16","modified_gmt":"2022-12-09T05:33:16","slug":"arden-group-nabs-sheraton-atlanta-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arden-group-nabs-sheraton-atlanta-hotel\/","title":{"rendered":"Arden Group Nabs Sheraton Atlanta Hotel"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p><strong>Atlanta<\/strong>\u2014Arden Group, through their discretionary fund affiliate Arden Real Estate Partners II LP, has acquired the Sheraton Atlanta Hotel from affiliates of Amerimar Enterprises and Contrarian Capita for $64.2 million.<\/p>\n<div id=\"attachment_1004169498\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Sheraton-Atlanta-Hotel.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004169498\" data-attachment-id=\"1004169498\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/arden-group-nabs-sheraton-atlanta-hotel\/sheraton-atlanta-hotel\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Sheraton-Atlanta-Hotel.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" 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=\"Sheraton Atlanta Hotel\" data-image-description=\"&lt;p&gt;Sheraton Atlanta Hotel&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Sheraton Atlanta Hotel&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Sheraton-Atlanta-Hotel.jpg?w=800\" class=\"wp-image-1004169498 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Sheraton-Atlanta-Hotel.jpg\" alt=\"Sheraton Atlanta Hotel\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Sheraton-Atlanta-Hotel.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Sheraton-Atlanta-Hotel.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Sheraton-Atlanta-Hotel.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004169498\" class=\"wp-caption-text\">Sheraton Atlanta Hotel<\/p><\/div>\n<p>JLL represented the sellers in the transaction.<\/p>\n<p>\u201cIt\u2019s a great market with limited new full-service supply,\u201d Ren\u00e9 Bardel, Arden Group\u2019s managing director, told <em>Commercial Property Executive<\/em>. \u201cWe operate a value-add real estate fund and our hotel operating expertise will bring enhanced net operating income and value to the hotel.\u201d<\/p>\n<p>The hotel consists of 763 guestrooms and more than 100,000 square feet of event and meeting space. Amenities include an indoor\/outdoor climate-controlled swimming pool and whirlpool, a spacious indoor Garden Courtyard with a retractable glass roof, a Sheraton fitness center, a business center, a Collage restaurant and a Fandangles restaurant and bar.<\/p>\n<p>The Sheraton Atlanta Hotel is located in downtown Atlanta at 165 Courtland St., NE adjacent to Georgia State University. It\u2019s in close proximity to key Atlanta tourist attractions and the Georgia World Congress Center.<\/p>\n<p>According to Bardel, the marketplace is exhibiting strong job growth and dynamic hotel demand.<\/p>\n<p>\u201cOur operating plan projects significant upside and superior financial results,\u201d he said. \u201cWe like the rapid growth in which Georgia State University is growing. Atlanta has become a dynamic meeting destination.\u201d<\/p>\n<p>Although the hotel recently underwent a renovation, the Arden Group is preparing $7 million in additional upgrades that Bardel noted would be focused on transforming its food service areas. Addition renovations will include enhancements to the guest room experience, lobby and meeting rooms.<\/p>\n<p>The Arden Group also has an investment interest in the Westin Atlanta Perimeter North.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The downtown property offers 763 guestrooms and more than 100,000 square feet of event and meeting space.<\/p>\n","protected":false},"author":451,"featured_media":1004169498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21808,21751,21783,21742],"tags":[34447,34448],"class_list":["post-1004169495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-featured","category-hotel","category-investment","category-latest","tag-arden-group","tag-sheraton"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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