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 in Dallas and 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 great deal of 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.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.