ATLANTA—Nazar Properties, LLC has snapped up The Ponce DeLeon Hotel, a 58-room, 18,500-square-foot extended-stay hotel in Atlanta. Financial terms of the deal were not disclosed.
Jake Reid, senior director of Franklin Street, represented the seller, an Atlanta-based family that owned the hotel for 60 years. He was the sole broker in the transaction.
Nazar is exploring several options for the property, including partnering for a complete redevelopment or renovating the existing building. Along with the neighboring land, Reid says the 1.2 acres along the Ponce De Leon Corridor could be an ideal investment for mixed-use development.
“Located just east of Ponce City Market within walking distance to the Midtown Financial District, Old Fourth Ward and Virginia Highlands Neighborhoods, the Ponce DeLeon Hotel represents a great opportunity to capitalize on a prime location in the heart of Atlanta’s Midtown submarket,” says Reid. “The surrounding neighborhoods boast some of the highest apartment rents in Atlanta due to the popularity of in-town living, making the Ponce DeLeon Hotel an ideal location for repositioning or redevelopment.”
Ponce City Market is a new $180 million re-development of the 1.1 million-square-foot former Sears, Roebuck & Co. building, one of the largest brick structures in the United States. The Ponce DeLeon hotel is located at 551 Ponce De Leon Avenue.Download PDF
