Noble Investment Group Ltd. purchased the property from WyndhamInternational Inc. for $15 million or about $50,000 per room. Therenovations will cover an expansion of the current 3,000-sf meetingspace to 8,000 sf; a new entrance onto Peachtree Road and astreetside restaurant.
While room rates have not yet been set, rates at Atlanta's twoother Crowne Plaza hotels range from $140 to $189 per night. Theaverage daily rate in the north-central market, which includesBuckhead, is $117. The north-central occupancy rate in 1999averaged 74%, the highest in Atlanta.
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