Wednesday, May 5, 2021
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Fort Worth real estate firm acquires Atlanta hotel

Fort Worth-based Crescent Real Estate LLC has purchased the Westin Atlanta Perimeter North, a 372-room hotel located in Atlanta. The hotel sits on 6.25 acres in north Atlanta’s Central Perimeter submarket. The Westin Atlanta Perimeter North is the only hotel adjacent to 63-acre Concourse Corporate center, a 2.2 million-square-foot Class A office complex that includes the instantly recognizable “King and Queen” office towers. The Westin Atlanta Perimeter North is within minutes of Atlanta’s largest concentration of hospital beds, Georgia’s largest office submarket, and second most visited mall, the Perimeter Mall.

The property offers more than 20,000 square feet of meeting space, including an 8,000-square-foot ballroom, as well as the SAVOR bar & kitchen, an acclaimed farm-to-table eatery.

HEI Hotels will manage the property.

Crescent used its investment fund, GP Invitation Fund I, established in 2016, to purchase the Westin Atlanta Perimeter North hotel. No purchase price was released.

“This investment is an opportunity to purchase a best-in-market, recently renovated hotel with the upside of value-added growth opportunities,” said Jason Anderson, Co-CEO of Crescent.

The hotel property underwent a comprehensive renovation completed in 2014 encompassing rooms, public areas, meeting space, and food and beverage facilities.

Although Crescent has not announced capital investment for the recently renovated hotel, the company plans to enhance the hotel experience with upgrades to elevators, pool and fitness areas.

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