Thayer Lodging Group announced that the company is under contract to acquire the 304-room Hotel Palomar Atlanta-Midtown from WP Partners, a private investment group, for an undisclosed amount. The agreement is expected to be consummated within the next 30 days.
Concurrently, the company announced the hotel will be rebranded as The Renaissance Atlanta Midtown Hotel, within the Marriott International lifestyle portfolio. Renaissance will operate the property upon closing of the transaction.
“This is an outstanding lifestyle hotel in a prime location and will be a great addition to our portfolio,” said Jin Lee, managing director and CIO of Thayer Lodging Group. The hotel is currently managed by Kimpton Hotels & Restaurants, which owns the Palomar brand name, as well as the Pacci Ristorante and AltoRex Rooftop Lounge names. With the conversion to a Renaissance, the names of the restaurant and lounge will also be changed; however, the upscale, one-of-a-kind nature of the restaurant and lounge will continue to be signature features of the hotel.
Located at 866 West Peachtree St. NW, the 21-story Hotel Palomar Atlanta-Midtown is in the heart of Midtown Atlanta, near the campus of Georgia Institute of Technology, Piedmont Park and the Georgia Dome. The hotel features 10,000 square feet of flexible meeting space and a 1,000 square-foot fitness center.
Thayer Lodging Group, based in Annapolis, Maryland, is a privately held hotel investment company that was formed in 1991 by Frederic V. Malek and Leland Pillsbury. Thayer has a lengthy and successful track record that spans multiple investment cycles. Thayer is currently investing with its fifth private equity fund.
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