| Name |
Crowne Plaza |
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| Location |
Atlanta/Marietta, GA (map) |
| Number of Rooms |
218 |
| Asking Price |
$15,950,000 |
| Price/Room |
$73,165 |
| Ownership |
Fee Simple |
| Investment Highlights |
• Beautifully renovated full-service property with great upside potential
• Desirable Atlanta Market
• Discount to replacement cost
• Offered unencumbered by management
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| Property Overview |
The Crowne Plaza is an impressive 218-room, 10-story, high-rise, full-service hotel located adjacent to Interstate 75 in the high-growth region of Cobb County, Georgia, just 20 minutes north of downtown Atlanta. Cobb County is one of the largest, fastest growing, and 2nd wealthiest county in the state of Georgia. The Crowne Plaza is in excellent condition due to approximately $5,700,000 (or $26,147/ key) in renovations that were completed in late 2006 where virtually all guest impact areas were improved including a new roof and EFIS, exterior improvements to the building and grounds, guestrooms (completely renovated), meeting facilities and restaurant / bar, lobby and public areas, outdoor pool improvements and resurfacing, and new building systems (HVAC, electrical, plumbing, and software). In fact, the hotel was recognized and awarded the InterContinental Hotels Group Best Renovation Award of the Year for 2007. Hotel facilities include nearly 6,600 square feet of meeting and banquet space including a 3,000 square feet ballroom, full-service restaurant and lounge, outdoor pool, and state-of-the-art fitness center. The guestrooms are beautifully finished and average 375 square feet, although there are 26 corner guestrooms with nearly 500 square feet each. Because of the property’s high-rise design, the Crowne Plaza is easily visible from Interstate 75, features excellent skyline views of Atlanta to the south and mountains to the north, and is referred to as a local landmark when giving directions.
The Crowne Plaza was completely renovated throughout 2006 at costs of approximately $5,700,000 and all guest impact areas were improved including the guestrooms, meeting facilities and common areas, restaurant and lounge / bar, new state-of-the-art fitness equipment, and front desk / lobby. More than $3,000,000 was spent on the guestrooms alone including casegoods and softgoods, bedding, carpeting and bathroom tile, lighting and artwork packages, paint, and wallcovering, and the guestrooms are among the largest and nicest in the marketplace. New carpeting, paint, wallcovering, seating, and lighting were installed in the meeting space and ballroom. The restaurant and lounge / bar was completely renovated and is attractively finished in hardwood paneling with new seating and equipment, carpeting and marble flooring, and paint and wallcovering. The lounge now has a very cool chic / high tech look and feel. New fitness equipment was purchased during the renovation and the state-of-the-art fitness center is now equipped with some of the most modern machinery available. The front desk / lobby area is beautiful and inviting and now features marble flooring, new cabinetry, seating areas with new furniture, and new lighting and artwork packages.
Located on the southwestern side of the Interstate 75 / South Marietta Parkway (Highway 120) interchange (Exit #263), the Crowne Plaza features perhaps the best visibility of any hotel on I-75 north of Atlanta. The property is the closest full-service hotel to the high growth areas of Kennesaw, Woodstock, and the I-575 corridor including Towne Lake and Canton, Georgia. Vast commercial, retail, and residential development projects are currently underway in this region and will attract additional on-going secondary development projects for years to come as the Metropolitan Atlanta area continues to grow and expand. Kennesaw, just a few miles north of the Crowne Plaza, is home to significant corporate, distribution, and manufacturing companies as well as Kennesaw State University (3rd largest institution in Georgia) and has been a hot spot of continued commercial and residential development for the past decade. Woodstock, Towne Lake, and Canton are smaller communities along Interstate 575 that are currently experiencing explosive growth and development, especially upper-scale retail and residential projects.
The Northwest / Marietta submarket is comprised of nearly 22 million square feet of office space and approximately 41.6 million square feet of industrial / warehouse space with average vacancy rates of 19% and 12% respectively. Within the immediate market area of the Crowne Plaza, there are multiple office and industrial buildings and parks occupied by companies of every kind including automotive part manufacturing, aircraft manufacturing, firearm manufacturing, accounting and finance services, logistics and distribution, software manufacturing, medical and biomedical practice and research, as well as trade and service organizations. Within 3 miles of the Crowne Plaza, there are multiple business and industrial parks including the Cobb Corporate Center and American Business Center, which contain millions of square feet of space and occupied by manufacturing, financial, research and development, and service-related companies including Matria Healthcare, IBM, NAPA (Automotive parts manufacturing), Zep Chemicals, AVNet (computer technology), Ragan Marketing, LDI, the University of Georgia Small Business Development Center, and Healthnet. Additionally, FedEx operates its North Atlanta distribution facility nearby. Dobbins Air Reserve Base, the largest reserve training facility in the world and Lockheed Martin (manufacturer of the F-22 Fighter Jet and co-producer of the U.S. military’s new Joint Strike Fighter), White Water and American Adventures Theme Park, Marietta Civic Center, Cobb Energy Center, Kennesaw State University, Southern Polytechnic University, Life College, Chattahoochee Technical School, Towne Center Mall, Cumberland Mall, and the Galleria and Mall are located within close proximity to the Crowne Plaza and generate significant demand for the region.
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