A Rhode Island investor is the new owner of the Doubletree by Hilton Hotel in Atlanta’s landmark Tower Place development.
MHF Buckhead, an affiliate of Magna Hospitality Group of Warwick, RI, paid $41.3 million for the hotel with 230 keys and 7,323 square feet of meeting space. The seller was USAA Real Estate of San Antonio, TX.
The transaction, which closed last month, was announced Tuesday by Hodges Ward Elliott, a hotel brokerage and investment banking firm. The HWE team of Mark Elliott, Michael DiPrima and Jeff Berkman represented USAA in the transaction.
The Doubletree Buckhead at 3342 Peachtree Rd. sits in the middle of the Tower Place mixed-use development that is within easy walking distance to several trophy office towers, restaurants and MARTA. Tower Place, the first true mixed-use development in Buckhead, recently got some new cache when WeWork opened a large co-working operation there.
The Doubletree’s new owner, Magna, has more than $1 billion in hotel real estate under management and development. A majority of its holdings are located along the Atlantic Seaboard, from Washington to Boston.
Robert A. Indeglia Jr. founded Magna in 1998. It now owns and/or operates 20 hotels with 4,500 rooms.
For more information on this transaction, please see CoStar COMP #4108774.