TWELVE Hotel and Residences, 404 Condos
and 101 Hotel Rooms in Midtown Atlanta
|ATLANTA - APRIL 14, 2004 - Novare Group and Wood Partners today announced
a hotel-condominium development in Midtown's ATLANTIC STATION ® development.
The project, which will include an all-suites boutique hotel and moderately
priced high-end condominiums, is the first of its kind in Atlanta, and
follows a real estate trend that is beginning to take shape in other major
cities around the country.
The 26-story high-rise, called TWELVE Hotel and Residences Atlantic Station, will contain 505 units - 404 condos and 101 hotel rooms. The development also includes a boardroom with video-conferencing capabilities, a 5,000 square-foot ballroom, 5,000 square feet of restaurant space for the hotel, and another 10,000 square feet of retail. Located in Midtown's celebrated ATLANTIC STATION mixed-use community, TWELVE will be convenient to the business and arts districts, shopping and nightlife.
"By teaming a hotel with a condominium, developers can offer services to their buyers that would otherwise be cost-prohibitive, and they can create a brand around which the living experience can be marketed," said Scott Smith, vice president of PKF Consulting hospitality research group. "In addition, the amenities such as the pool and fitness center, which have to be built in any event for the condominiums, are available for use at no marginal cost to the hotel. The shared amenities and economies of scale make it a win-win-win for everyone involved."
Construction on both the hotel and condos will commence this spring, with an expected opening in the fall of 2005. Condo units will be available for pre-sale in the spring of 2005.
"TWELVE Hotel will be a more casual alternative for the upscale guest whose number one focus is a great room," said Borders, who also is chairman of TWELVE Hotels and Residences. "In reality, the hotel rooms at TWELVE will be no different than the condominium residences above, averaging 750 square feet with a full kitchen. If you are in Atlanta for a night or for a month, you are going to want to stay there."
The traditional hotel-condominium project, pioneered by luxury hotel chains such as Ritz-Carlton and The Four Seasons, caters to an older, more traditional audience, and is generally in resort locations. The Four Seasons in Midtown is the only competitive offering in Atlanta. However, TWELVE's target is a younger, more casual professional seeking an upscale property with top-notch service, advanced technology features and modern design in an urban setting.
TWELVE Hotel's rooms will resemble the one- or two-bedroom condominiums rather than traditional hotel rooms. Each room will have a fully equipped kitchen with stainless appliances, flat-panel plasma television, washer and dryer, Internet-ready computer with free high-speed access, and a touch-screen computer to order room service, shop at the virtual sundry shop or communicate with the concierge. In addition, guests can have the kitchen stocked with food basics before they arrive. Free bottled water will be available for every hotel guest.
TWELVE Hotel will offer guests optional self-serve check-in and check-out via kiosk. Repeat guests will have their own key, which they can program at the kiosk. The hotel will also have a 5,000 square-foot ballroom to accommodate wedding receptions, private parties and corporate events. Novare Events, a Novare Group affiliate, will operate the ballroom. Room rates will be between $130 and $150 a night.
TWELVE Residences will have access to many of the luxury hotel's amenities, including room service, in-house restaurant and bar, housekeeping, 24-hour concierge and valet parking. Other condominium amenities include an elevated pool terrace, fitness center, clubroom, controlled-access parking and ultra-high-speed Internet.
"Our team has just created another great product in a great location," said Mark Randall, regional director of Wood Partners. "With the addition of the hotel amenities at our residents' fingertips and the extraordinary ATLANTIC STATION atmosphere, there is simply nothing that can compare with it in the Southeast. We are extremely excited to be a part of it."
Jim Borders, president of Novare Group, which earlier teamed with Wood Partners to develop Metropolis in Midtown Atlanta, said TWELVE Residences will take the Metropolis concept to a new level.
"While the team has continued to pursue its strategy of delivering a moderately priced residential experience, TWELVE will target a slightly more affluent purchaser," Borders said. "And, of course, there is no other place on the planet that we would choose to do our first TWELVE than the ATLANTIC STATION community. Jim Jacoby's vision and execution on the ATLANTIC STATION project is astounding."
Novare Group plans to develop other hotel-condominium projects under the TWELVE brand in selected U.S. cities.
Novare Group, Inc.
817 West Peachtree Street, N.W.
Eleventh Floor, Suite P-100
Atlanta, Georgia 30308
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