A representative for the project tells GlobeSt.com "St. Regis doesn't like to discuss development cost." However, area hospitality industry brokers and marketers familiar with high-end hotel developments elsewhere in the country tell GlobeSt.com the minimum hard construction cost for the 150 rooms will probably be $200,000 per room and about $300,000 per condo. That would place the hard construction cost of the project in the $50-million category, according to sources familiar with comparable projects.
St. Regis also didn't disclose the retail cost of the residences but the condos will start at about $2.5 million, a representative for the development group tells GlobeSt.com.
The 26-story hotel-condo resort is scheduled to open in the first half of 2008 but a ground-breaking date hasn't been announced for the development site within the Buckhead Plaza mixed-use development at 100 West Paces Ferry Rd. Starwood will manage the property. Rabun Hogan Ota Rasche is the project architect. Hirsch Bedner is the interior designer. Both consultants are based in Atlanta.
"Both the hotel and the residences are designed specifically for the discriminating consumer who desires all of the luxuries and services the prestigious St. Regis brand offers," Paul Freeman, managing development partner of SR Hotel Development, says in a prepared statement.
In the same statement, Kerry D. Hatch, president of St. Regis Hotels & Resorts, says, "As we thoughtfully grow our brand and seek out the world's best addresses, we were immediately attracted to Buckhead."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
