An undisclosed broker transaction resulted in the sale of Atlanta’s luxury AAA Five Diamond rating InterContinental Buckhead hotel. The exclusive property that caters to leisure, corporate, and convention travelers was sold to Pebblebrook Hotel Trust for $105 million at approximately $248,815 per room.
Pebblebrook Hotel Trust is a Bethesda, MD-based hotel REIT. According to the REIT they do plan to invest $7 million in capital improvements to guestrooms, meeting space and public areas immediately and continuing through 2013. Last year, the property ran at nearly 68 percent occupancy with an average daily rate of about $156.
IHG developed and opened the hotel six years ago and will continue to manage the building. Information about the transaction is available on CoStar COMPS #1940521.