ATLANTA— has snapped up The Ponce DeLeon Hotel, a 58-room, 18,500-square-foot extended-stay in Atlanta. Financial terms of the deal were not disclosed.
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.
, senior director of , represented the seller, an Atlanta-based family that owned the hotel for 60 years. He was the sole broker in the transaction.
“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