A 275-key hotel in the heart of Atlanta’s Perimeter Center has changed hands.
Whitestone Companies recently purchased Le Méridien Atlanta Perimeter from an institutional seller for an undisclosed price, Hunter Hotel Advisors announced.
Le Méridien Atlanta Perimeter was fully renovated in 2013. The 12-story, 224,684-square-foot hotel is adjacent to Perimeter Mall and near the corporate offices of State Farm and Mercedes-Benz, as well as the headquarters of UPS and Cox Communications.
The hotel prides itself on large guest rooms, measuring at least 412 square feet. Other amenities include 10,099 square feet of meeting space, an outdoor pool and patio area, and a full-service dining experience.
“Atlanta is a market we have been eyeing for quite some time,” Whitestone Companies CEO Jay Batra said. “As with most things, it is about timing. With the Le Méridien, we believe we have found an incredible asset in a great location with considerable upside potential.”
Based in Ohio, Whitestone Companies specializes in real estate investment, property management, commercial design and construction management.
The new owner intends to refresh the space in the next 18 months, according to the announcement. Pennsylvania-based Shaner Hotels has been selected to manage the daily operations of the hotel.
Hunter’s Tim Osborne and Spencer Davidson, senior vice presidents, represented both parties in the all-cash transaction.
“Tim and I are thrilled to have represented our client on the transaction of the Le Méridien Atlanta Perimeter,” Davidson said. “The opportunity represents Hunter’s second transaction involving Whitestone Companies, and we are excited to assist in the company’s amazing growth trajectory, advanced further by the innate value-add opportunity available at the Le Méridien.”
