RLJ Lodging Trust set to Acquire Newly Built Hampton Inn & Suites Atlanta in Midtown

The Bethesda, Maryland based investment firm to buy the 186-room hotel for $58 million in cash.
Photo: Hampton Inn & Suites by Hilton Atlanta Midtown
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RLJ Lodging Trust announced yesterday, July 28th, 2021 that it plans to buy the newly built Midtown Hampton Inn & Suites for $58 million in cash. The hotel opened its doors in February 2020, just before the pandemic led to a unprecedented dip in the hospitality industry. Despite this, population and corporate relocation growth has driven high demand for hospitality real estate in the Atlanta metro area. RLJ expects the Hotel to generate an estimated 8.0% to 8.5% net operating income (NOI) yield after stabilization is achieved.

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The hotel features a rooftop bar and sky lobby with an outdoor patio seating area on the top floor, prime for viewing the Atlanta Skyline. It is located in Midtown, on the southeast corner of 15th Street NE and West Peachtree Street NW. The hotel is just a few blocks from Google‘s new Midtown office in Atlanta, and within walking distance to numerous arts and cultural institutions and is also right next door to a small public plaza.

In a press release, RLJ Lodging Trust President and Chief Executive Officer Leslie D. Hale commented that “We are pleased to acquire this high-quality, young asset in one of the fastest growing markets in the country.” She went on to describe Midtown as “a top submarket, and this property is located within the heart of demand, surrounded by significant new development activity.”

The purchase of the Midtown Hampton Inn & Suites is the RLJ Lodging Trust’s fifth hotel acquisition in Atlanta. RLJ describes themselves as a “self-advised, publicly traded real estate investment trust that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels.” The company owns 101 hotels over 23 states, and has operated for approximately 15 years.

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Photo: Hampton Inn & Suites by Hilton Atlanta Midtown

Daniel Alvarado

Daniel Alvarado is an AICP Certified Urban Planner, transportation advocate, researcher and writer originally from San Antonio, Texas. He received his Master's Degree in Community and Regional Planning from the University of Texas at Austin, where his research focused on the intersection of green infrastructure and transportation. Daniel has been published by Decipher City, Progrss.org, and has contributed to dozens of comprehensive and transportation plans across the country.

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