The hotel is located at Peachtree Road and 14th Street, adjacentto Piedmont Park. The 28-story hotel is part of a mixed-usedevelopment and sits across the street from the new 670,000-sfHines office tower. "The primary reason we chose to acquire theproperty is it's location," Noble Investment Group vice presidentstrategic investments Adi Bhoopathy tells GlobeSt.com. "Midtown iswhere most of the new high-end development has been taking place.Another reason was the property's inherent real estate value."

The property was acquired from White Plains-based StarwoodHotels & Resorts Worldwide, Inc., which operates the W line ofhotels. Starwood will continue to manage the property, under aseparate agreement reached with the buyers. "As part of our 'assetright' strategy, Starwood continues to look for opportunities tochurn our real estate portfolio and this is an ideal situationwhereby we are able to work with a trusted, longtime partner whowill maximize the value of this asset," Starwood Hotels &Resorts CEO Steven Heyer says.

The property will be renamed W Atlanta-Midtown. There is anotherW hotel in Atlanta at 111 Perimeter Center West, but it is locatedin a suburban area of Atlanta and is atypical of the W line ofhotels, Bhoopathy says.