ATLANTA—Newmark Grubb Knight Frank (NGKF) Hotels has orchestrated the sale of the Hotel Sierra, a 124-room property in the Atlanta suburb of Alpharetta. The team of Rick Besse inand B.J. Patel and Sam Winterbottom in Atlanta arranged the transaction on behalf of seller LodgeWorks, LP and procured the buyer, Banyan Investment Group. The sale price was not disclosed.
We are seeing a greatof investor interest for quality assets in strong markets where there is opportunity to add value,” said Mr. Patel. “The Alpharetta submarket has a diversified employment base of financial services, transportation, communications and technology, and retail/wholesale. As such, it enjoys year-round corporate demand for hospitality.”
This is a highly-desirable location in a key market,” explained Andy Chopra, principal and Chief Investment Officer of Banyan, which plans to re-brand the property as a Holiday Inn Express Hotel & Suites.
Located on Windward Parkway at Rte. 400, the hotel is just 22 miles from downtown Atlanta. Constructed in 1999, it consists of 124 suites and offers approximately 1,600 square feet of meeting space. Amenities include a bistro, business center, shuttle service, seasonal outdoor pool, high-speed wireless internet and a laundry facility.
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