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Real estate firm The Allen Morris Company and hotelier Stormont Hospitality Group are joining to form a new enterprise called AMS Hospitality (AMS), according to a press release Wednesday.
AMS will focus on the acquiring and building hotel assets, initially focusing on southeast U.S. markets.
The venture will be formally launched with the closing of two new lifestyle hotel development projects in Atlanta.
The 176-key Star Metals Hotel, scheduled for completion in Q4 2021, will focus on the local leisure and transient market.
The 205-key Midtown Union Hotel, which will have a more corporate business focus infused with local art to celebrate the neighboring Woodruff Arts Center, is slated for completion in 2022.
The hotel is being developed in partnership with MetLife Investment Management.
AMS Hospitality has numerous additional hotels in its pipeline in Georgia, North Carolina, and Florida, which are expected to be announced throughout 2020.
Representatives from the Allen Morris Company and Stormont Hospitality Group will comprise the Board of the new AMS Hospitality venture, including Spencer Morris, Peter DiCorpo, Jim Stormont, and John Cooper.
All former Stormont Hospitality Group employees have become employees of the new venture.
“The new venture is already a success with two extraordinary hotel projects in Star Metals Hotel and Midtown Union Hotel,” Jim Stormont, co-founder of Stormont Hospitality Group, and President of AMS Hospitality, said in the press release.
“The potential of the two organizations formally joining is extraordinary when taking into account the Allen Morris Company’s financial capabilities and six-decade-long reputation for developing first-class projects and our own capabilities in the hospitality space.”
AMS Hospitality will be located at 3350 Riverwood Parkway (Suite 2110) in Atlanta, with plans to relocate to Star Metals Offices, in West Midtown, upon completion in 2021.
Photo: (L-R) John Cooper, Jim Stormont, W. Allen Morris and Spencer Morris.