DALLAS–Affiliates of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that they have acquired The Sheraton Suites Galleria-Atlanta, a full-service hotel located in a highly active corridor near the intersection of I-285 and I-75, 20 minutes from downtown Atlanta. The property is located less than one-half mile from The Battery, a mixed-use development anchored by Truist Park, home of the Atlanta Braves. Paceline acquired the hotel in an off-market transaction with the prior owner. The acquisition will be Paceline’s first strategic partnership with Highline Hospitality Partners, a group with extensive hospitality investing and operator experience.
The Sheraton Suites Galleria-Atlanta was developed in 1990 and underwent a complete renovation in 2013. The 278-room all-suite hotel features 4,000 square feet of meeting space and a 352-space parking garage. The amenities include two restaurants, a fitness center, indoor and outdoor pool, and a grab ‘n’ go market. The property’s proximity to The Battery attracts both business and leisure travel, which has grown steadily as The Battery development continues to expand.
“The Sheraton Suites Galleria-Atlanta represents our first hospitality investment in Atlanta and seventh hotel in our portfolio. The hotel demonstrated strong resilience through the pandemic and is poised to capitalize on The Battery’s embedded leisure and corporate demand drivers, particularly following the $12 million renovation we plan to execute in the near future,” said Sam Loughlin, Chief Executive Officer of Paceline.
“Paceline’s acquisition of the Sheraton Suites Galleria-Atlanta further demonstrates our ability to identify and transact on well-located assets at attractive pricing that possess strong long-term fundamentals,” added Leigh Sansone, Chief Investment Officer of Paceline. “The transaction represents another example of Paceline leveraging our broad experience in investing in value-oriented commercial real estate opportunities on behalf of our LPs.”