New York - MPI, Mall Properties, Inc., one of the country’s leading private owners, developers and managers of commercial real estate, today announced that it has completed the acquisition of the Sheraton Suites Galleria hotel in Atlanta, GA. MPI purchased the hotel for $21 million from FelCor Lodging Trust and will invest a further $9 million on renovations to the property.
With today’s acquisition, MPI’s hotel division, Olshan Hotel Management, Inc. (“OHMI”) now owns and manages five hotels throughout the nation including award-winning Marriott- and Hilton-flagged properties. While this acquisition represents MPI’s first Atlanta-based hotel, the company has long enjoyed a presence in the market as owner and manager of the nearby retail power center, Akers Mill Square, located less than one mile from the Sheraton Suites Galleria.
“MPI today celebrates a significant milestone in the advancement of our hotel growth strategy with the acquisition of this major southeastern hotel property,” said Andrea Olshan, CEO of MPI. “With strong upside potential based on the hotel’s irreplaceable location in one of Atlanta’s fastest growing submarkets as well as our extensive planned renovations, the Sheraton Suites Galleria represents the perfect addition to our existing portfolio of leading brand hotel properties. We look forward to establishing a new and close working relationship with Starwood Hotels.”
Built in 1990 and situated on two acres at the apex of Interstates 75 and 285, the 17-story, 277-key, all-suite Sheraton Suites Galleria hotel features over 4,000 SF of flexible meeting space, full-service dining options, heated indoor and outdoor pools, 24-hour business center, fitness center, 5-story on-site parking, free local-area shuttle service, and the new Link@Sheraton® experienced with Microsoft®.
Dominating its skyline at the heart of the dynamic Galleria/Cumberland submarket - Atlanta’s fifth largest, which houses several Fortune 500 corporations - the Sheraton Suites Galleria is just eight miles from Midtown, 10 miles from downtown Atlanta and 20 miles from Hartsfield-Jackson International Airport (“ATL”), the world’s busiest airport. The hotel is connected via sky-bridge to the exciting new Cobb Galleria Convention Centre which draws over 500,000 visitors each year, and is across the street from the Cobb Energy Performing Arts Center, as well as within walking distance of local retail.
Key elements of MPI’s renovation of the Sheraton Suites Galleria include: upgrading all guest rooms; construction of a Sheraton Club lounge for Starwood Preferred Guests (SPG); a sizeable expansion of the on-site Sheraton Fitness Center; and, the upgrading of all food and beverage facilities on the ground-floor level to include the Link@ Sheraton Cafe, Starbucks kiosk, lobby lounge and restaurant.
MPI, Mall Properties, Inc., is a privately owned real estate firm specialized in the development, acquisition and management of commercial real estate for more than 45 years. The close integration of investment and operating capabilities has given MPI a reputation as one of the leading private owners of commercial real estate in the country.
MPI currently owns and manages, individually or with its affiliated companies, a diverse portfolio of commercial properties in eleven states with an approximate total square footage of 29 million. For more information, click here.
MPI also serves as a General Partner of the Longview and RCG Longview series of debt and equity funds as well as Normandy Venture Partners, an opportunistic equity fund. Our founding sponsorship of these funds has resulted in the investment of $4.7 billion in commercial real estate projects over the past 12 years and leverages our unique investment abilities, operating expertise and industry relationships. More information about MPI is available at: http://www.mpi-re.com/