Hospitality Asset Procurers purchased the Hyatt House Atlanta/Cobb Galleria, a 149-room, extended-stay hotel located in Atlanta. The property was sold by an institutional seller in a transaction brokered by Mayank Patel, senior vice president, Hunter Hotel Advisors. Other terms and conditions were not disclosed. HAP’s sister company, ROHM GROUP, will manage the hotel.
Positioned off I-75 and I-285, the hotel benefits from accessibility and proximity to Atlanta’s largest employment and entertainment drivers. The property is surrounded by major corporate headquarters and office campuses, including Truist Securities, RaceTrac, The Weather Channel, ThyssenKrupp, GE Energy, Vonage and Home Depot World Headquarters. It is also near The Battery Atlanta, a 2.25-million-square-foot mixed-use development anchored by Truist Park, home of the Atlanta Braves, as well as the Cobb Galleria Centre and the Cobb Energy Performing Arts Centre.
“The Hyatt House Atlanta/Cobb Galleria presented a rare opportunity to acquire an institutional-quality, extended-stay hotel in one of Atlanta’s fastest-growing submarkets,” Patel said in a statement. “With its strong brand affiliation, dynamic corporate and leisure demand, and long-term market fundamentals, the property is well-positioned to outperform as the Cumberland area continues to expand its economic and entertainment footprint.”
Cobb County’s tourism and entertainment sectors continue to thrive, generating a $2.76 billion annual economic impact and employing over 32,000 people. Anchored by leading attractions such as Six Flags Over Georgia and the Cobb Galleria Centre, the area’s visitor-driven economy provides a strong, diversified demand base for hotel operators. The market’s growth is further bolstered by major institutional anchors, including Kennesaw State University, the third largest university in Georgia with more than 45,000 students.
“We have maintained a long-standing relationship with Hunter Hotel Advisors and greatly value their counsel and the opportunities they present,” said Kirit Patel, principal with HAP and ROHM GROUP. “This acquisition was a natural fit for our portfolio, supported by a strong and diverse set of demand drivers, an irreplaceable location, and a high quality, concrete and steel constructed building. Its proximity, just 15 minutes from our corporate office, further enhances its strategic appeal. The hotel is already demonstrating strong performance. With the execution of our comprehensive renovation plan and the implementation of targeted operational efficiencies by our management team, we anticipate meaningful improvements to both top-line revenue and bottom-line profitability. The Southeast, particularly Atlanta and several of its key submarkets, continues to offer compelling investment opportunities. We remain bullish on the region and intend to pursue additional acquisitions where they align with our long-term strategy.”
With a mix of spacious guest suites designed for both short-term and extended stays, the Hyatt House Atlanta/Cobb Galleria has amenities such as complimentary breakfast, the H Bar lounge, a 24-hour fitness center, outdoor pool and flexible meeting space.