MPI Acquires Atlanta’s Sheraton Suites Galleria Hotel
Friday July 19th, 2013 - 11:52AM E
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NEW YORK—MPI, Mall Properties, Inc. has completed the acquisition of the Sheraton Suites Galleria hotel in Atlanta, GA.
The company purchased the hotel from FelCor Lodging Trust for $21 million and will invest $9 million on renovations.
With this acquisition, Olshan Hotel Management, Inc., MPI’s hotel division, now owns and manages five hotels.
The 17-story, 277-suite hotel features over 4,000 sq. ft. of flexible meeting space, full-service f&b options, heated indoor and outdoor pools, a 24-hour business center, a fitness center, five-story on-site parking, free local-area shuttle service and the Link@Sheraton experience.
The hotel is connected via sky-bridge to the new Cobb Galleria Convention Centre, and is also located near several Fortune 500 corporations. It is 10 miles from downtown Atlanta.
The planned renovation will include upgrades to all suites; construction of a Sheraton Club lounge for Starwood Preferred Guests; an expansion of the on-site fitness center; and the upgrading of all f&b facilities on the ground-floor level to include the Link@Sheraton Café, Starbucks kiosk, lobby lounge and restaurant.
Tags: • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.