Dallas-based Wyndham International Inc. went through with the deal at this time because it fitted into the company's long-range restructuring program. "The sale of the Wyndham Midtown Atlanta was a targeted disposition as we continue to move forward with selling select non-strategic assets while keeping them in our brand through new management or franchise agreements," says Fred J. Kleisner, Wyndham's chairman and CEO.
"By retaining the Wyndham Midtown Atlanta in our portfolio of nine Atlanta-area properties, we remain strong in one of our key business markets," he adds.
The hotel is across the street from Dewberry Capital's Midtown Square site which the developer acquired in 1999. The hotel is also near the Federal Reserve Bank, the Margaret Mitchell House, Piedmont Park and is convenient to Georgia Tech, Coca-Cola Co., the Georgia Dome, Philips Arena and the Fox Theatre.
"The acquisition of the Wyndham Midtown Atlanta is another key component of our vision for Midtown Square," says Dewberry. "We are committed to transforming the area into the heart of Midtown's culture and identity."
The hotel's age, occupancy and room rates weren't disclosed. The property has eight meeting rooms comprising a total 5,300 sf of flexible space that can accommodate up to 200 guests.
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