ATLANTA-McLean, VA-based REIT Highland Hospitality Corp. has entered into an agreement to acquire the 444-room Ritz-Carlton Atlanta Downtown hotel at 181 Peachtree St. for $79.5 million. The sale represents approximately $179,000 per key.

The company expects to close the transaction within the next three weeks and will enter into a long-term management contract with the Ritz-Carlton Hotel Co. LLC to continue to operate the hotel under the Ritz-Carlton name.

The company plans to spend approximately $20,000 per key to upgrade the guest rooms. “We believe that recently announced Downtown office relocations and the addition of world-class attractions to Downtown will continue to improve the future demand outlook for this area and provide growth opportunities for the hotel going forward,” says Highland president and CEO James Francis.

The Ritz-Carlton Atlanta Downtown includes 22 suites and two club level floors. The property is the only AAA five-diamond rated hotel Downtown and one of only three AAA five-diamond rated hotels in Atlanta. The hotel includes a 25-story guestroom tower, the Atlanta Grill restaurant and lounge, a gift shop, fitness area and attached parking garage. Ballroom and meeting room spaces total approximately 19,000 sf, including a 6,500-sf grand ballroom.

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