The pair bought the neglected landmark for $10 million andrenovated the hotel for use as office space. The 11-story,380,000-sf hotel was built in 1924 for $6 million and was the tophotel in Atlanta until the 1960s. The hotel closed in 1982 afterbeing bought three years earlier for $4.5 million by Rocco andGordon Cappucitti of Ontario Potato Distributors in Toronto.
After its closing, the grande dame of Atlanta's hotels satneglected and inhabited by vagrants. The area surrounding theBiltmore was a collection of run-down buildings and lots for sale.Two major efforts in 1984 and again in the late 1980s to purchaseand rehab the building fell through, and ownership reverted to theCappucittis. Since the sale and renovation of the Biltmore, theentire surrounding area is undergoing redevelopment.
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