ATLANTA—Peachtree Hotel Group has acquired Hilton Perimeter Park in Birmingham, AL. The company’s fifth asset in the Birmingham area, it plans to convert the property to a DoubleTree by Hilton following a $10.5-million renovation.
The 205-key hotel is located near The Summit shopping center, Grandview Medical Center and businesses, including Randstad, Assurant, SunGard and Wells Fargo. The hotel is proximate to nine million sq. ft. of retail space and 14 million sq. ft. of office space. The deal closed in 75 days.
Hunter Hotel Advisors served as the exclusive agents in the the sale. “The buyer can realize tremendous upside in the hotel post-renovation,” said Teague Hunter, president of Hunter Hotel Advisors. “Peachtree’s investment in the asset will increase occupancy and ADR, and make it a leader in the market.”