The SpringHill Suites Atlanta Buckhead has been sold to an institutional buyer in a deal facilitated by Hodges Ward Elliott. Other terms and conditions were not disclosed.
The 11-story, 220-suite hotel is in Atlanta’s Buckhead district and is scheduled to undergo a renovation to upgrade its technology infrastructure, back-of-house areas and building envelope. The property includes 2,233 square-feet of meeting space, an indoor pool, fitness center, outdoor patio and 131 subterranean parking spaces. The hotel will remain affiliated with the SpringHill Suites by Marriott brand under the new ownership.
The SpringHill Suites is the only high-rise select-service hotel in Buckhead and is also located near the Buckhead MARTA station. The transaction marks one of the first brokered hotel sales in several years within the Buckhead submarket, according to Hodges Ward Elliott, a boutique hotel real estate capital markets advisory firm and part of Franklin Street’s national platform.
“This sale represents the first brokered hotel transaction in years in one of Atlanta’s most dynamic submarkets,” Clint Hodges, SVP and executive managing director at Hodges Ward Elliott, said in a statement. “Buckhead’s combination of Class A office space, high-end retail, dining, entertainment and residential density provides the property with a true seven-day demand profile.”