ATLANTA—The largest hotel in Atlanta has just exchanged hands. Host Hotels & Resorts sold the 1,663-room Atlanta Marriot Marquis for $293 million.
Jones Lang LaSalle’s Hotels & Hospitality Group represented the seller. Atlanta-based JLL managing director Robert Webster and senior vice president Tim Southard led team. The buyer is undisclosed.
“The Atlanta hotel market, which benefits from a large convention center, is rebounding steadily as group and transient travel continues to improve,” says Webster. Indeed, Atlanta consistently ranks among the top five convention markets in the United States. JLL reports Atlanta’s hotel market generated a 6% RevPAR increase through 11 months ending November 2012.
“We’re finally seeing core secondary markets making their way onto investor’s radars, as demonstrated by this transaction and six other Atlanta hotel sales and financings that our team worked on in the last 12 months,” Webster says.
“While outside of the typical primary core market investment standards, Atlanta will continue to attract investor interest at a greater pace during the next several years as hotel investors continue to gravitate toward higher yields that the core secondary markets deliver.”