News for the Hospitality Executive |
Piedmont Hospitality and Alex. Brown Realty, Inc. Joint
Venture Completes
$4.0 Million Renovation of Holiday Inn in Downtown Atlanta,
Georgia
.
Baltimore, MD (September 18, 2008) � Piedmont Hospitality (Piedmont) and Alex. Brown Realty, Inc. (ABR) recently announced the official reopening of the Holiday Inn Downtown Atlanta following the completion of a $4.0 million property improvement plan (PIP). The joint venture implemented the PIP immediately following its July 2007 acquisition of the 260-room full-service hotel. �The hotel�s 11-story exterior façade underwent a $1.4 million reskinning in 2006, but the hotel�s interior was dated in appearance and had an inefficient layout,� commented Peter Bancroft, ABR�s senior vice president. �We saw the PIP as a great opportunity to elevate the hotel�s profile among business and leisure travelers, increase its market penetration, and meet the brand standards set by the Holiday Inn franchise.� The renovated 260-room hotel now features a new full-service restaurant, an updated lounge with wall-mounted plasma televisions, a redesigned lobby with high-end finishes and granite floors, glass-walled meeting rooms, an updated fitness center, and a renovated exterior courtyard with enhanced public/pedestrian access. Approximately half of the PIP budget focused on guest room renovations. Guest rooms now feature new bedding packages, new furniture, 32� flat panel televisions, new carpet and HVAC units, and remodeled bathrooms. The hotel is adjacent to Atlanta�s Olympic Centennial Park and within
walking distance to several business and tourist demand generators including
the Georgia World Congress Center, Georgia Dome, Georgia Aquarium, CNN
Center, and World of Coca-Cola museum. "Our $4.0 million renovation
has been well-received by hotel guests and by visitors to our restaurant
and bar,� commented Robert Baldwin, Piedmont�s founder, president and CEO.
�The hotel�s prime location has now been matched by first-class decor,
ambiance and service � we have successfully positioned the hotel to become
the 'value' choice for business and leisure travelers."
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com Piedmont Hospitality was founded in 1998 by Robert Baldwin. The Atlanta-based firm acquires, repositions and manages hospitality assets. www.piedmonthotels.com |
Contact:
Peter Bancroft
Robert Baldwin
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