News
Georgian Terrace's New Owners
In case you missed it, Sotherly Hotels revealed in an SEC filing yesterday that it purchased the Georgian Terrace Hotel, the iconic 326-room Midtown Atlanta hotel across from the Fox Theater, for $61M, or about $140k/room. The deal, according to docs, includes nearly two acres, a nearly 700-space parking deck, and a separate half-acre development parcel, and Chesapeake Hospitality will manage the hotel. To do the deal Sotherly secured a 25-year $41.5M loan with the Bank of the Ozarks with a year interest-only. The company also reports average daily occupancy is about 72% with a rate of $136/night.
