The Hilton Atlanta Downtown (“Hotel”) is currently the third largest hotel in downtown Atlanta behind the 1,663-room Marriott Marquis and the 1,260-room Hyatt Regency. The Property is attached to these two hotels and nearby office buildings via skybridges. The hotel is a single tower with 30 stories which is built atop a 1,016- space parking garage. It was previously renovated in 2008/2009 at a reposted cost of $44M by Cambridge and Westmont Hospitality.
Haberhill, with its partner Apollo Real Estate, purchased the Hotel in October 2015. Over the next two years, we:
- Spent over $37 million to (finished in May 2017):
- Renovate all existing guest rooms, meeting space, lobby and restaurant
- Add a 2nd 18,000 square foot ballroom, and;
- Convert the existing exhibit hall into flexible meeting space that could accommodate up to 10 separate meetings rooms while also retaining the ability to continue to use the space as an exhibit hall
- Sold the garage for $34,000,000 (December 2016), with net proceeds to the partnership of $7.8M used to fund part of the renovation); and
- Refinanced our acquisition financing, returning approximately 150% of our original equity investment on the Hotel
2018, the first full year after our renovation and meeting room expansion, our property budget shows bottom line improvement of over 50% versus 2015, the last full year prior to commencing the renovation.