Hotel Redevelopment is the Latest Investment in Atlanta Neighborhood
A 375-key full-service hotel in Atlanta’s downtown Summerhill neighborhood is getting a new shot at success. Pellerin Real Estate has acquired the former Ramada Plaza by Wyndham Atlanta Downtown & Conference Center.
Pellerin is partnering with hotel company Life House through its Life Hospitality independent management arm to stabilize operations at the Ramada and explore redevelopment opportunities in the neighborhood. Together, the partnership seeks to grow its hotel portfolio by at least 1,000 additional keys by acquiring midscale hotels in Sun Belt states in the next 12 months.
“We have been impressed by Life House and their seasoned team, which moved seamlessly in fewer than 20 days to support Pellerin with closing and transitioning day-to-day operations of our first hotel deal,” said Philippe Pellerin, founder and CEO of Pellerin Real Estate. “We are excited to expand our partnership with Life House as distressed opportunities continue to arise in our target markets over the coming months.”
Pellerin’s first hotel project is adjacent to Georgia State Stadium and close to the new $750 million Summerhill Development, an 80-acre mixed-use project led by Carter Developments and Georgia State University that is already underway. Additionally, Georgia State recently announced a new $85 million, 8,000-seat athletic arena that will be directly across the street from the hotel and is scheduled to be completed in 2022.
“The expansive 206,000-square-foot [Ramada] property represents an opportunity for Pellerin to play a fundamental role in the evolution of the Summerhill neighborhood,” Philippe Pellerin said. “Through a community-sensitive approach, we will leverage our team’s deep familiarity with the hotel’s location to deliver a redevelopment that will be massively beneficial to preserving the history of Summerhill.”
Life House is a New York-based, venture-backed and vertically-integrated hotel brand, management and software company. “We’re excited to partner with Pellerin Real Estate on this regionally-focused investment strategy,” said Bryan Dunn, head of growth at Life House. “While we initially focused on smaller boutique properties, we have proven our ability to drive similar value creation for owners of large independents and look forward to building out a sizable portfolio with Philippe and his team across the Sun Belt region.”