ATLANTA—MPI Mall Properties has acquired Sheraton Suites Galleria hotel in Atlanta. MPI purchased the hotel from FelCor Lodging Trust for $21 million. Plans call for investing another $9 million on hotel renovations.
The latest buy marks the Atlanta entry for Olshan Hotel Management, Inc., MPI’s hotel division. Olshan’s now owns and manages five hotels. The portfolio includes Marriotts and Hiltons. MPI also owns Akers Mill Square, a retail power center less than a mile from Sheraton Suites Galleria.
“With strong upside potential based on the hotel’s irreplaceable location in one of Atlanta’s fastest growing submarkets as well as our extensive planned renovations, the Sheraton Suites Galleria represents the perfect addition to our existing portfolio of leading brand hotel properties,” says Andrea Olshan, CEO of MPI. The firm will upgrade all guest rooms, construct of a Sheraton Club lounge for Starwood Preferred Guests, expand the on-site Sheraton Fitness Center, and upgrade of all food and beverage facilities on the ground-floor level.
Built in 1990, the 17-story Sheraton Suites Galleria offers more than 4,000 square feet of flexible meeting space, full-service dining options, heated indoor and outdoor pools, 24-hour business center, fitness center, five-story on-site parking, free local-area shuttle service, and the new Link@Sheraton experienced with Microsoft. The 277-key hotel sits on two acres at the apex of Interstates 75 and 285.
Sheraton Suites Galleria is in the heart of the Galleria/Cumberland submarket, Atlanta’s fifth largest and home to several Fortune 500 corporations. The hotel is also eight miles from Midtown, 10 miles from Downtown Atlanta and 20 miles from Hartsfield-Jackson International Airport. The hotel is connected via sky-bridge to the exciting new Cobb Galleria Convention Centre which draws more than 500,000 visitors each year, and is across the street from the Cobb Energy Performing Arts Center, as well as within walking distance of local retail.