ATLANTA-Prime Hotel & Suites, a 143-unit, three-acre property, has been sold for $3.5 million or about $24,476 per unit. Area brokers tell the per-unit price is about $75,000 below the current replacement cost of a comparable property. The three-acre property is in the city’s 27-million-sf Central Perimeter submarket.

Locally based Phoenix Family Partners Inc. bought the asset from HPTWN Properties Trust and plans to raze it to develop a mixed-use commercial community on the site, according to Tom Ives, senior vice president of CB Richard Ellis Hotels who brokered the deal. Ives says the price represents “essentially the land value of the three-acre site.” At $3.5 million, the land equates to about $1.17 million per acre or $26.78 per sf.

“This transaction underscores that older hotels in highly desirable infill areas are not always the highest and best use, and that while competing hotel offers were received at the asking price, the best offer ultimately came from a non-hotel user,” he adds.

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