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JV Makes Atlanta Hotel Buy

Thursday October 4th, 2012 - 8:58AM

ATLANTA—Carey Watermark Investors, The Arden Group and Marcus Hotels & Resorts have acquired the 372-room Westin Atlanta Perimeter North Hotel.

The joint venture paid $43 million, acquiring the property from an affiliate of DiamondRock Hospitality Co. As part of the deal, the JV plans to invest $14 million in renovations to be concluded by early-2014. The property includes 20,000 sq. ft. of meeting and event space.