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Woodvale Acquires Marriott Hotel Near Mall of Georgia

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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

SALES VP Hospitality also made waves by picking up the Fairfield Inn & Suites Atlanta Vinings/Galleria for $8.8 million. This particular hotel, featuring 142 rooms, is conveniently located close to The Battery Atlanta and Home Depot’s corporate headquarters—making it an enticing spot for visitors.

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

Residence Inn by Marriott in downtown Atlanta led to an emergency evacuation of guests. About five individuals were hospitalized, and the Atlanta Fire Rescue was quick to respond to the alarming situation. Firefighters discovered elevated levels of CO throughout the building, which has approximately 160 rooms and was roughly half-full at the time of the incident.

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.