Four Seasons Hotel Atlanta in Midtown sold for $62M (sale, hotels)

[billl]

This makes me sad. I love the restaurant there, and the chocolate buffet they used to have was fabulous:

Four Seasons Hotel Atlanta in Midtown sold for $62M | www.ajc.com

[bigstick]

What was the reason???

[billl]

Originally Posted by bigstick

What was the reason???

From the article:
Straun Robertson, Host Hotels’ executive vice president and chief investment officer, said in a statement that the sale is part of the company’s plans to reduce its presence in “non-target markets.”

So I guess Host Hotels doesn't see Atlanta as a significant market.

[Rocco Barbosa]

Originally Posted by bigstick

What was the reason???

"Straun Robertson, Host Hotels’ executive vice president and chief investment officer, said in a statement that the sale is part of the company’s plans to reduce its presence in “non-target markets.”

[AnsleyPark]

Moving to Cobb County??? :-)

[BackInATL2011]

Lets look on the bright side, maybe they plan on doing something positive. This lot would be perfect to redevelop, help expand the Crescent area even more.

[deacongirl]

Host owns hotels, it doesn't manage them. Hotels often change ownership and continue to be managed by the same company. Maybe I missed it, but it doesn't appear that the new owners said they are changing the flag on the hotel.

[Newsboy]

Originally Posted by deacongirl

Host owns hotels, it doesn't manage them. Hotels often change ownership and continue to be managed by the same company. Maybe I missed it, but it doesn't appear that the new owners said they are changing the flag on the hotel.

Exactly!

[ericsonga]

Originally Posted by deacongirl

Host owns hotels, it doesn't manage them. Hotels often change ownership and continue to be managed by the same company. Maybe I missed it, but it doesn't appear that the new owners said they are changing the flag on the hotel.

You are correct...I doubt the Four Seasons brand is leaving.

[stillinthesouth]

Originally Posted by deacongirl

Host owns hotels, it doesn't manage them. Hotels often change ownership and continue to be managed by the same company. Maybe I missed it, but it doesn't appear that the new owners said they are changing the flag on the hotel.

Yup, you're right. The Four Seasons' press release states that the hotel will retain that brand's flag and be managed by the same company, but the AJC reporter didn't bother to mention that detail in the brief article. From the press release:

"Under the new ownership, Four Seasons Hotel Atlanta will continue to be managed by Toronto-based Four Seasons Hotels and Resorts, which is owned jointly by long-term shareholders Cascade Investment, Kingdom Holding Company and Triples Holdings."

“Four Seasons Hotel Atlanta is a spectacular landmark property hotel in one of the strongest growth markets in the U.S.,” said Michael Larson, Chief Investment Officer of Cascade Investment. “This is the second Four Seasons hotel we have acquired this quarter, reflecting our confidence in the Four Seasons Hotels and Resorts management and enduring brand value.”