From the Atlanta Business Chronicle
Metro Atlanta is poised for its largest surge of new hotel projects in at least a decade.
More than 100 new hotels are in the pipeline, with a majority of those projects clustered in downtown, along the Georgia 400 corridor, in Cumberland-Galleria and Gwinnett County.
The new hotels include a 975-room Signia Hilton connected to the Georgia World Congress Center, a dual-branded hotel by Midtown’s iconic Fox Theatre, and a flurry of boutique hotels in tony Buckhead.
Atlanta now ranks No. 5 across the U.S. for new hotel construction, with 130 projects in the works, totaling more than 17,000 rooms, according to a new report from Lodging Econometrics. Only New York City, Dallas, Los Angeles and Houston are seeing more hotel development.
The new projects could help Atlanta remain competitive in landing big-name events, such as a World Cup game in 2026. It also could add hotels in areas without them, including along the Atlanta Beltline and in West Midtown. And, the new hotels could increase competition in the market, compelling existing hotel owners to improve their properties.
“Visitors will benefit from the new, modern product,” said Mark Woodworth, senior managing director and head of lodging research for CBRE Hotels.
CBRE Hotels is predicting new hotel development will peak in 2020, with supply forecasted to grow 3.6 percent that year. That’s well above the long-run average of 2.2 percent.
CBRE Hotels is currently tracking 107 new projects, totaling nearly 14,000 rooms. Of those, 15 project are planned in downtown; 14 in Gwinnett County; 13 along the Ga. 400 corridor in markets including Roswell, Alpharetta and Cumming; and 11 in Cumberland and central Cobb County.
Sixty West Funds to debut nation’s first MOTTO by Hilton
Motto by Hilton is a new lifestyle hotel that aims to offer more affordable stays in coveted urban locations. It does so through smaller, more efficient rooms and engaging common spaces. Sixty West Funds Old Fourth Ward Opportunity Fund project, a co-development with Lucror Resources, secured the nation’s first Motto by Hilton location.
In Old Fourth Ward, the hotel rooms will be about 160 square feet, some with walled or lofted beds and options for families and friends to link rooms together, Nijhawan said. The hotel also features technology so guests can control certain room features, such as temperature and lighting, all from an app on their phones.
Waldo’s will also include more than 100,000 square feet of office space, about 10 residences and 13,000 square feet of food and beverage space including a restaurant and speakeasy. The office building will be heavy timber construction, offering exposed wood, natural lighting and “eco-conscious sensibilities,” says the development team.
Read the full Atlanta Business Chronicle article HERE.
Learn more about Sixty West Funds HERE.