Business & Tech
Midtown Hotel Sold for Almost $50 Million
The hotel recently underwent a $20 million renovation and re-branding.
A prominent Midtown hotel that recently underwent a $20 million renovation has been sold for a whopping $49.5 million, The Atlanta Business Chronicle reports.
The Hyatt Atlanta Midtown, a 194-room hotel located on 10th Street, is now owned by RLJ Lodging Trust, a Maryland-based real estate investing firm.
Noble Investment Group, who was the last owner of the property, invested $20 million in a complete renovation and re-branding of the property, which was formally known as the Hotel Midtown.
RLJ told the Atlanta Business Chronicle in a statement that the hotel's location and new branding were key factors in their desire to purchase the building, adding that they estimated they would increase hotel revenue by 16 percent.
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