News Summary
Woodvale, an Atlanta-based investment firm, has recently acquired the Fairfield Inn & Suites Atlanta Buford/Mall of Georgia for $11 million. This strategic move is part of a larger $60 million fund aimed at revitalizing distressed properties in the region, including other Marriott hotels in the Southeast. Woodvale’s focus on enhancing hotel quality reflects a growing trend in the market, especially amidst commercial real estate challenges. This acquisition set the stage for potential further investments as Woodvale gears up for a second fund.
Exciting Changes in Atlanta: Woodvale Acquires Marriott Hotel Near Mall of Georgia
Atlanta is buzzing with news as *Woodvale*, an investment firm based right in the heart of the city, has made a *strategic move* by acquiring the Fairfield Inn & Suites Atlanta Buford/Mall of Georgia for a cool $11 million. This deal, recently recorded in the Gwinnett County records, comes as part of Woodvale’s ambitious $60 million fund aimed at snapping up distressed properties.
What’s the Scoop on the New Acquisition?
The purchased hotel boasts 96 cozy rooms and is just a hop, skip, and a jump from one of Georgia’s largest shopping centers. Woodvale didn’t stop there; this acquisition is just a piece of a larger pie. They’ve also picked up a portfolio of four Marriott hotels scattered throughout the Southeastern region. One of the other properties is a Fairfield Inn in Montgomery, Alabama, along with a Residence Inn and a Courtyard located in Southaven, Mississippi. This strategic move aims to revitalize these properties that may have seen better days.
A Unique Market Opportunity
It appears the current marketplace has shifted gears, especially concerning debt related to commercial real estate. This has opened the door for Woodvale, as they find themselves amidst a wave of owners struggling to refinance their properties. With many opportunities available, Woodvale’s all-cash purchasing strategy has garnered them a reputation as a reliable buyer in this type of market.
Woodvale’s managing partner expressed enthusiasm about the hotel renovations and improvements they plan to carry out for the newly acquired properties, which they purchased at higher-than-average cap rates. The company’s keen eye for *distressed properties* is not only aimed at boosting their portfolio but also at enhancing the overall quality of the accommodations offered to travelers.
Looking Ahead: Another Fund in the Works
As if that weren’t enough, Atlanta-based Woodvale is gearing up to launch yet another $60 million fund that continues to focus on investing in distressed commercial properties. This plan even includes a possibility of diving into apartment opportunities in the near future. It seems like Woodvale is on a roll and ready to shake things up in Atlanta’s real estate scene!
In Other Local News
Additionally, in a separate deal, a company known as Fairfield Residential stepped in to acquire the Chroma Park Apartments for a hefty $63.4 million from Federal Capital Partners. This apartment complex has 365 units, and it’s interesting to note that the initial purchase by Federal Capital Partners was for only $47.2 million back in 2019.
Safety First: Hotel Evacuated Due to CO Leak
Responding swiftly, 20 units and around 80 personnel got to work, ensuring the safety of the guests. The hotel activated its fire alarm system during the evacuation process that took about an hour. Once the situation was under control, the gas supply was cut off, and ventilation efforts were set in motion to clear out the carbon monoxide.
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Additional Resources
- Fox 5 Atlanta: Carbon Monoxide Leak at Hotel
- Wikipedia: Carbon Monoxide Poisoning
- Newsweek: Marriott Hotel CO Leak
- Google Search: Carbon Monoxide Leak Atlanta
- Bisnow: Buckhead Marriott Financial Struggles
- Google Scholar: Marriott Hotel Acquisitions
- Thrillist: Marriott Marquis Hotel Insights
- Encyclopedia Britannica: Hotel Safety
- The Real Deal: Marriott Land Acquisition
- Google News: Hotel Industry Atlanta
Author: STAFF HERE ATLANTA WRITER
The ATLANTA STAFF WRITER represents the experienced team at HEREAtlanta.com, your go-to source for actionable local news and information in Atlanta, Fulton County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as vibrant music festivals like Shaky Knees and Music Midtown, major cultural celebrations including Dragon Con and the Atlanta Film Festival, and iconic sporting events like the Peachtree Road Race. Our coverage extends to key organizations like the Metro Atlanta Chamber of Commerce and the Atlanta Convention & Visitors Bureau, plus leading businesses in logistics, beverages, and retail that power the local economy such as Delta Air Lines, The Coca-Cola Company, and The Home Depot. As part of the broader HERE network, including HEREAugusta.com and HERESavannah.com, we provide comprehensive, credible insights into Georgia's dynamic landscape.
