July 20–A Texas firm plans an extensive renovation of the W Atlanta-Buckhead hotel after its recent purchase of the 12-story building.
Woodbine Legacy Investments acquired the W Atlanta-Buckhead hotel on Peachtree Road near Atlanta Financial Center for $73 million. The 291-room hotel also includes the rooftop bar Whiskey Blue and Cook Hall restaurant.
The Buckhead property is one of three W hotels in metro Atlanta.
The nation's hotel industry has seen a boom in occupancy and room rates amid the prolonged economic recovery, though there are concerns about of overbuilding of hotels in some parts of the country. The Atlanta area has seen a number of new select-service hotels built in the current cycle, and some full-service properties, including a new convention hotel in Alpharetta and a new Hyatt Regency near Perimeter Mall.
The Buckhead property opened as a W in 2008 after an extensive renovation by previous owner Noble Investment Group. The hotel will remain a W property under operation by Marriott International, the release said.
Whiskey Blue will also be updated, a news release said.
T. Dupree Scovell, managing partner and chief investment officer of Woodbine, said the firm plans to re-position the hotel as "the best lifestyle hotel in Buckhead."
"Buckhead is one of the best markets in the country and one of the few that isn't seeing a major influx of hotel inventory," Scovell said in the release.
Related coverage
