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News for the Hospitality Executive |
| ATLANTA, Ga.,
February 23, 2012—Officials at Hunter
Realty today announced that it represented the seller, CW Capital Asset
Management LLC, in the sale of the 191-room Hotel Midtown - Atlanta to
Noble
Investment Group for $16 million. Noble plans to invest up to $21
million
to renovate and upgrade the hotel and covert it to the upper upscale
Hyatt
brand. “We awarded Hunter this assignment because of their creativity last year in selling two of our other Atlanta hotels, the Wyndham Garden Hotel and the Baymont Inn and Suites,” said Jim Grey, vice president of CW Capital Asset Management. “The market had a supply/demand imbalance then and the nation was in the heart of the recession. Their success in selling the properties to Georgia State for conversion to dormitories was a win-win situation for both us and the university, as well as for the city of Atlanta.” “We sold more than 50 properties in 2011. The majority had an unusual aspect, which reflects today’s hotel real estate market, and Hotel Midtown followed that trend,” said Teague Hunter, president of Hunter Realty. “We generated significant interest in the hotel and solicited more than 20 bids before narrowing it down to three all-cash bidders. However, the sale temporarily became sidetracked due to foreclosure proceedings, which caused us to have to totally re-conduct the bid process. “All three final bidders were top-notch companies,” he noted. “The Noble team, led by Ben Brunt, principal and executive vice president strategic investments, was extremely impressive during the due diligence process. Their professionalism and thoroughness was evident in their ability to present a competitive but winning bid and close in less than a week after beginning the due diligence process.” “The Hunter firm kept the project on track throughout all the stops and starts,” Brunt said. “Their initial data on the hotel was highly detailed and allowed us to achieve a comprehensive understanding of the hotel’s potential quickly. We are confident that the hotel will soon become a leader in the Midtown market.” Teague Hunter, who led the transaction for the brokerage firm, was assisted by Bob Hunter and Lee Hunter in the Atlanta office and Kyle Stevenson in the company’s Washington, D.C. office. About Noble Investment Group Founded in 1993, the Noble organization specializes in making value-added, opportunistic investments in the lodging and hospitality real estate sector. Through its private equity real estate funds, Noble has invested more than $2 billion in upper upscale and upscale hotels located throughout the United States which are affiliated with premium brands by Marriott, Hyatt, Starwood and Hilton. The organization's current real estate fund represents $310 million of equity commitments. For additional information, please visit www.nobleinvestment.com. About CW Financial Services CW Capital Asset Management LLC is a subsidiary of CW Financial Services, a vertically integrated commercial real estate finance and investment management company focused on lending, primary servicing, special servicing, investment management, and research and consulting services. About Hunter Realty Hunter Realty, an award-winning hotel investment advisory firm founded in 1978, has offices in Atlanta, Dallas, Los Angeles, Miami, New York and Washington, D.C. Additional information, including current listings, is available at the company’s website, www.HunterHotels.net, or by contacting the Atlanta office at (770) 916-0300. |
| Contact: Patrick Daly or Jerry Daly (media) (703) 435-6293 |