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.