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Jessica Sabbath// April 1, 2014//
Sotherly Hotels Inc. is purchasing its first hotel in the Atlanta market.
Williamsburg-based Sotherly, a real estate investment trust, announced Tuesday it was purchasing the Georgian Terrace Hotel in Atlanta for $61 million. The acquisition includes an adjacent 698-space parking structure and a 0.6 acre development parcel.
Sotherly, formerly called MHI Hospitality, is expanding its reach in the Southwest U.S. “This iconic hotel gives us a landmark property in the second largest MSA in the Southern United States,” David Sims, CEO of Sotherly, said in a statement. “Atlanta also serves as a primary feeder market to our existing hotel portfolio and therefore it has been a high priority for us. We are pleased to not only enter this market but to acquire a property of this caliber.”
Georgian Terrace is a 326-room, full-service hotel in Atlanta’s Midtown business district. Built in 1911, it's known as the “Grand Dame of Atlanta.” Rooms are more than 800 square feet in size, and the property includes more than 16,000 square feet of meeting space. For year-end 2013, the hotel was operating at about 72 percent occupancy.
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