CBRE Hotels, as sole and exclusive agent for the owner, has been retained to offer for sale the fee-simple interest in the 96-room Home2 Suites Atlanta Midtown. Located in the heart of Atlanta’s fastest growing submarket, the Hotel benefits from its proximity to Midtown’s premier cultural and entertainment attractions along with a diverse base of corporate and higher education demand. The Hotel is in excellent physical condition following its recent conversion to the Home2 Suites brand, showcasing fully-updated guestrooms and public areas along with new mechanical and back-of-house systems. This offering presents the unique opportunity to acquire a best-in-class, recently renovated, management unencumbered hotel which is located in Atlanta’s most dynamic submarket.
Premium Build, Fee-Simple, Institutional-Quality Asset
The Hotel is in excellent physical condition, having received circa $6.75 million ($70,000 per key) in capital investment during its conversion to the Home2 Suites brand in 2020. In addition to comprehensive, high-impact upgrades to all guestrooms and public areas, the Home2 Midtown received major upgrades to its MEP systems, a new HVAC system, a reconfigured lobby with separate retail space, and new exterior facade.
Superior Positioning within Robust Lodging Corridor
Midtown has long been Atlanta’s leading submarket, perennially ranking #1 in RevPAR with a 165% average penetration against the market since 2015. The submarket benefits from a diverse set of demand drivers including government, higher education, corporate and leisure transient, and is ideally positioned for future upside given the city’s robust convention calendar. As the premium extended-stay accommodation within its competitive set, the Home2 Midtown is poised to capitalize on robust in-place demand to optimize segmentation and length of stay while driving rate compression and flow-through to the bottom line.
Strategic Location within Atlanta’s Fastest Growing Submarket
Favorably situated in Midtown, Atlanta’s fastest-growing submarket, the Hotel is proximate to the city’s premier business, cultural and entertainment amenity base. Home to powerhouse corporations including Google, Microsoft and Norfolk Southern, Midtown houses nearly 50% of Atlanta’s technology jobs, 25% of its finance jobs, and generates circa $20B in annual economic impact. As a result, Midtown has become the #1 ranked live-work-play neighborhood in the city, with a population growth rate since 2010 that is 5x the overall MSA.
Coveted Sunbelt Market & Economic Capital of the South
Home to over 30 Fortune 1,000 companies, the world’s busiest airport, and the highest population growth in the U.S. since 1990, Atlanta is the economic capital of the South and one of the fastest growing Sunbelt cities in the United States. Atlanta’s job growth since 2011 ranks second in the U.S. given its business-friendly environment, favorable regulatory environment, world-class demographic drivers and access to highly skilled talent. As a result, major technology hubs and headquarters have been developed or relocated to Atlanta, including technology giants Google, Microsoft, Meta (formerly Facebook), which will add over 5,500 new jobs in the city by 2025.
Home2 Suites: The Nation’s Most Desirable Extended-Stay Brand
The Home2 Suites brand is the Nation’s fastest growing extended-stay brand, driving a strong value proposition for both owners and guests with its innovative design and operational model along with its modern style and amenities. Given its premium product offering, Home2 Suites significantly outperforms its upper midscale extended-stay peers, having achieved an average 110% RevPAR index over the past five years.
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