On behalf of InterContinental Hotel Group (IHG), Jones Lang LaSalle Hotels has arranged the sale of the InterContinental Buckhead Atlanta. The property was acquired by Pebblebrook Hotel Trust for $105 million in cash.
“This five-diamond hotel is the premier property in Atlanta in terms of location, physical structure and full-service amenities. As such, the InterContinental Buckhead traded at $250k per key, the highest price per key for a single asset hotel deal ever recorded in Atlanta,” said Arthur Adler, managing director and CEO-Americas for Jones Lang LaSalle Hotels.
The InterContinental Buckhead was the third highest single-asset hotel transaction in the United States year to date 2010, following the Hilton Minneapolis at $155 million and the Hyatt Regency Boston at $112 million, and indicating that the full service hotel market is trending upward.
“We are extremely pleased to acquire one of Buckhead’s leading hotels in one of the nation’s fastest growing metropolitan areas,” said Jon Bortz, chairman, president and CEO of Pebblebrook Hotel Trust. “IHG has a superb track record in lodging and boasts a premier brand with InterContinental. We are very excited to be developing a long-term strategic relationship with IHG and look forward to working with them on this high quality hotel, as well as future opportunities.
The 422-room property is located in the heart of Buckhead, Atlanta, which is one of the fastest growing sub-markets in the U.S. and is known as the “Beverly Hills of the South” by Robb Report magazine. The hotel boasts the largest meeting space in Buckhead, and was named the Leading Business Hotel in the U.S.
IHG will continue to manage the hotel under a long-term management agreement.