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ATLANTA-After a two-year delay, locally based Six Continents Hotels Americas has broken ground for a flagship, five-star InterContinental hotel in the city’s affluent Buckhead neighborhood. The hotel is slated to open in 2004.

Development costs are at least $100 million, according to published reports which say the hotel company paid about $10.5 million to a Germany-based company for the 3.7-acre site.

Six Continents officials couldn’t be reached at GlobeSt.com’s publication deadline to verify the purchase price and learn the seller’s identity. A prepared statement from the company didn’t disclose that information. But according to GlobeSt.com research, the land deal is the biggest of its kind this year in metro Atlanta.

The estimated $10.5 million price equates to $2.84 million per acre or $65.15 per sf, steep for a hotel zoned tract that might sell for $100,000 per acre or about $2.30 per sf in other sectors of metro Atlanta, according to GlobeSt.com research.

Plans call for a 21-story building with 401 guest rooms, 21 suites and a 12,000-sf ballroom, “the largest ballroom space of any five-star hotel in the city,” according to the Six Continents’ statement.

The hotel will have a three-story lobby/lounge area with an indoor garden courtyard, 26,000 sf of meeting space in addition to the main ballroom, a 6,185-sf junior ballroom, 500 covered parking spaces, a day spa, health club, and outdoor pool and lounge.

Building design is by locally based Thompson, Ventulett, Stainback and Associates. The developer is Louisville, KY-based Hogan Group. The general contractor is locally based Hardin Construction.

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