Whitestone Capital, a division of Whitestone Companies, purchased the 275-room Le Méridien Atlanta Perimeter from Starwood Capital. This purchase marks Whitestone’s first in the greater Atlanta metropolitan area and 10th hotel purchase in the last 12 months.
“Atlanta is a market we have been eyeing for quite some time,” said Jay Batra, CEO, Whitestone Companies. “As with most things, it is about timing. With the Le Méridien, we believe we have found an incredible asset in a great location with considerable upside potential.”
The 12-story hotel has more than 10,000 sq. ft. of meeting space with a public space incorporating a restaurant, lounge and outdoor fire pit and a pool with rental cabanas.
“The property is truly amazing,” said Chuck Groger, chief revenue officer, Whitestone Companies. “Over half of its inventory consists of expansive two-bay, suite-style guestrooms with over 800 sq. ft. of living space. It is essentially a suites product without the name and very few people know about it.”
Whitestone Companies has selected Shaner Hotels to manage the day-to-day operations of the hotel. This is the fifth project Whitestone Companies and Shaner Hotels are partners in together.
“We believe Shaner will be able to quickly infuse a premium brand guest experience the property has been missing in recent years,” said Batra. “Shaner excels in this segment, and we are expecting great things from our continued partnership.”
Whitestone is expected to reimagine the public space and complete a soft goods refresh within the first 18 months of ownership.
The all-cash transaction closed in less than 45 days and was arranged by Hunter Hotel Advisors, which advised both Whitestone Companies and Starwood Capital on the transaction.
