Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BETHESDA, MD-DiamondRock Hospitality has entered into binding agreements to acquire Renaissance-branded assets in the Atlanta and Austin markets for a total of $237.5 million. The company will add 1,013 keys to its portfolio.

According to an SEC filing, the company paid $130 million for the 14-story, 521-key Renaissance Waverly Atlanta Hotel, which is located at 2450 Galleria Pkwy. It paid $107.5 million for the 492-room Renaissance Austin Hotel, located at 9721 Arboretum Blvd.

“These two acquisitions are right-on-strategy for our company. We were able to acquire very high-quality hotels in strong markets at reasonable prices. We also believe that Renaissance is a brand on the rise,” says William McCarten, chairman and CEO of DiamondRock, in a statement.

The Renaissance Waverly is located in the Northwest submarket of Atlanta, the second largest in the city. The hotel is attached to the Cobb Galleria Centre, a 320,000-sf convention center, and offers some 65,000 sf of meeting and exhibition space.

The Renaissance Austin Hotel is located along the city’s tech corridor Research Boulevard, in the Arboretum submarket. It offers 60,000 sf of meeting space.

John Williams, president and COO of DiamondRock, says in a statement the company will conduct $12 million in renovations this year on the properties. “The renovations include revenue enhancing projects such as adding 14 new keys at the Austin hotel and repositioning the Waverly hotel’s food & beverage offerings,” Williams says.

Vikram Antin, an associate with Marcus & Millichap’s National Hospitality Group, tells GlobeSt.com that the new acquisitions are a good fit into DiamondRock’s existing portfolio. “They already own the Renaissance in Worthington, Texas and have two business class and one urban class hotel in the Georgia market.” He notes that DiamondRock has made several strategic investments since 2004, including a 1,200-key Chicago Marriott for $295 million.

DiamondRock did not return phone calls.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.