Alpharetta, GA-based Northpoint Hospitality paid $105.61 per sf, or about $4.6 million per acre, for a 33,141-sf parcel of land within a stone's throw of the 3.7-acre parcel locally based Six Continents Hotels Americas acquired for its planned 21-story, 422-unit InterContinental hotel on Peachtree Road in Buckhead.
Six Continents paid an estimated $65.14 per sf, or $2.84 million per acre, for its land on Oct. 9.
The Northpoint purchase represents the first time the $100-per-sf price barrier has been topped, brokers tells GlobeSt.com.
Kevin Hermetz, senior vice president of locally based Ackerman & Co., who handled the sale for Northpoint, tells GlobeSt.com the $3.5-million Northpoint sales transaction represents "the highest price ever paid per sf for land in Buckhead." Hermetz refused to identify the seller.
Northpoint will break ground next month for a 220-room Springhill Suites Hotel by Marriott. Springhill Suites is Marriott's new suites brand. Springhill Suites Atlanta Buckhead is scheduled to open in early 2004.
Marriott refused to disclose construction costs but area construction industry estimators tell GlobeSt.com on condition of anonymity the hotel can't be built for less than $100,000 per suite or about $22 million.
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