North Point Hospitality Group, Inc. Announces Sale of Dual-Branded Atlanta Hotel
Press release from the issuing company
Monday, May 4th, 2015
North Point Hospitality Group, Inc., an award-winning Atlanta based hotel development and operations company, announced today that it has completed the sale of its 228 unit, dual-branded Hilton Garden Inn/Homewood Suites by Hilton Atlanta Midtown. The property was purchased by Carey Watermark Investors Inc., a New York-based non-traded real estate investment trust.
"The Hilton Garden Inn/Homewood Suites Atlanta Midtown hotel is a great asset and the timing of the sale was such that it represented significant value for both buyer and seller," said S. Jay Patel, President and CEO of North Point Hospitality Group. "We continue to be optimistic about the Atlanta market and our growing presence there. Additionally, this transaction paves the way for our future development plans. By year end, we expect to break ground on four hotels in the Southeast, comprising of 605 rooms at a Total Project Development Cost of $155,000,000."
