MEMPHIS, Tenn., June 2 /PRNewswire/ -- Fairwood Capital, LLC, a real estate investment firm focused on hospitality assets, today announced the acquisition of the 119-room Hampton Inn & Suites Atlanta Downtown from a partnership led by Memphis-based Cooper Hotels for an undisclosed price.
"This is the second urban, premium-branded, select-service hotel that we have acquired this year and the third property in the past six months," said Robert Solmson, Fairwood co-founder and president. "We definitely are seeing more high quality properties coming to market, and we have an active pipeline. With our long-standing industry relationships, we are able to source transactions both on- and off-market.
"We welcome the opportunity to form a new relationship with Cooper Hotels, which will continue to manage the property," he said. "Cooper is known for its stable portfolio and long-term commitment to its hotels. They have an excellent long-term relationship with the Hilton Family of brands and are the only company to operate all of Hilton's major franchised brands."
Upon closing of the transaction, the hotel will undergo a complete renovation of all its guestrooms and public areas that will be staged in phases to minimize guest disruptions. The hotel will be upgraded to "like new" condition, including Hampton's latest amenities, such as the new Hampton "Perfect Mix" lobby, which will make the lobby more accessible and inviting throughout the day. "This renovation will further enhance the property's leadership in the downtown, select-service segment," he said.
Developed by Cooper Hotels in 1999 via the conversion of a 100-year-old former office building listed on the National Register of Historic Places, the 119-room hotel is two blocks from Centennial Park and directly across from the Atlanta Fashion Mart. Located at 161 Spring Ave. NW, it is the only Hampton Inn & Suites located in the heart of the downtown district and is within a short walking distance of The High Museum of Art, the Atlanta Aquarium, World of Coca-Cola, Georgia World Congress Center, the Georgia Dome, numerous major corporations and office buildings and two MARTA stations.
The hotel features a complete fitness center, a business center and 1,300 square feet of meeting space to accommodate groups of up to 75 people.
About Fairwood Capital, LLC
With offices in Memphis, Tenn. and New York, N.Y., Fairwood Capital, LLC is a real estate investment firm focused exclusively on the acquisition and recapitalization of hospitality real estate and operating platforms. The company was founded by Robert M. Solmson, former CEO and chairman of publicly held RFS Hotel Investors (RFS), and Richard Reiss, Jr., chairman of Georgica Advisors and a former RFS board member. The company pursues a value-oriented investment strategy that seeks to acquire a portfolio diversified by brand, geographic location and market segment, primarily in premium-branded, select service, extended-stay and full-service hotels.
Contact: Ed Ansbro
SOURCE Fairwood Capital, LLC