Atlanta-based Hotel Equities (www.hotelequities.com) signed a definitive agreement with Hilton Hotels to develop an upscale Hampton Inn & Suites in the Sterling Pointe development with its joint venture partner, Hotel Development Partners (HDP). The project will include four outparcels targeted for high-end restaurants and retail. Hotel Equities will manage the hotel and assist with the development. Opening is projected for early 2015.
“We have seen pent-up demand for quality lodging assets in Atlanta’s Perimeter Center area, making the location and timing for this project ideal.” said Brad Rahinsky, Chief Operating Officer of Hotel Equities. “We are confident that this unique, one-of-a-kind hotel project in Sterling Pointe will appeal to both corporate and leisure travelers.”
The project features a seven-story, 132-room Hampton Inn & Suites at the corner of Ashford Dunwoody Road and Perimeter Center North. In addition to hosting the largest office market in the Southeast, the Perimeter area also is home to Perimeter Mall, which receives 18.5 million visitors each year, and it provides numerous dining options. It stands at the junction of Georgia 400 and Interstate 285 and is served by four MARTA stations.
“There has been no new hotel construction in the Perimeter market for 14 years,” said Steven Smith, a partner in Hotel Development Partners. “As a result, much of the product in the market is older and has not been renovated. As a result of the improving office market and economy, demand has increased.”
Fred Cerrone, CEO of Hotel Equities, joined with Allen O'Brien and Steven Smith, both of IRE Capital, as principals of HDP. The JV partnership firm made its first acquisition in November 2012 with the purchase of the 102-room Fairfield Inn & Suites Charleston Airport, located on I-26 in North Charleston, South Carolina. Since being acquired, this hotel has increased its net income by 18%.
"We are delighted to expand our presence in Atlanta's Perimeter Center market with the popular and successful Hampton Inn and Suites brand," said Fred Cerrone. "The hotel site is ideally located in the heart of one of Atlanta's busiest and most successful business and retail hubs. As a 31-year resident of Dunwoody, I have passed by this site on numerous occasions and have often thought how under-served it was. It helps that the project is located very close to our corporate headquarters."
Hotel Equities (HE) is an Atlanta-based full-scale hotel management, development and consulting firm. Frederick W. Cerrone, CHA, serves as President and CEO. HE owns and or manages more than 50 properties in its portfolio. For more information, visit www.hotelequities.com.
Hotel Development Partners (HDP) is an Atlanta-based joint venture formed by Hotel Equities and IRE Capital for the purpose of acquiring and developing premier-branded, select service hotels. HDP Investment Fund I, LLC is the investment vehicle which allows private investors to participate in institutional-quality hospitality properties. Principals are Frederick W. Cerrone, Allen O'Brien and Steven Smith.