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Highland Hospitality Corporation Acquires The Ritz-Carlton Atlanta Downtown Hotel For $79.5 Million |
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Highland Hospitality Corporation (NYSE:HIH) announced that it has acquired the 444-room Ritz-Carlton Atlanta Downtown hotel located in Atlanta, Georgia for a purchase price of $79.5 million, plus customary closing costs, or approximately $179,000 per key. |
The Company purchased the hotel from Host Hotels & Resorts, Inc. (NYSE:HST) and assumed the existing management contract under which the Ritz-Carlton Hotel Company L.L.C. will continue to operate the hotel.
Highland Hospitality Corporation is a self-advised lodging real estate investment trust, or REIT, focused on hotel investments in the United States. With the acquisition of the Ritz-Carlton Atlanta Downtown hotel, the Company now owns 26 hotel properties with an aggregate of 8,239 rooms in 13 states and the District of Columbia.
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