Atlanta’s Biggest Hotel Sold for $293 Million
- Category: Atlanta
- Published on Friday, 18 January 2013 10:04
- Written by The Atlanta Daily World
- Hits: 586
The largest hotel in metro Atlanta is now under new ownership. Atlanta’s downtown Marriott Marquis Hotel has been sold for $293 million.
Host Hotel & Resorts, the Maryland-based owner of the building, said on its website Thursday that it sold the 52-story, 1,663-room building on Jan. 11. Host did not say to whom the hotel was sold.
“I am excited to report our continued success in executing our asset sale strategy,” Gregory J. Larson, Host’s executive vice president of corporate strategy, said in a release. “In the past 12 months, we have sold four hotels for approximately $450 million. This sale meaningfully reduces our overall market presence in Atlanta, which now represents approximately 3 percent of our total revenues.”
Host said “the hotel is subject to a long-term management agreement with Marriott International” and that “proceeds will be used to fund future acquisitions, pay down debt or for general corporate purposes.”
Marriott Marquis is the 14th tallest skyscraper in Atlanta. The building was designed by Atlanta architect John C. Portman, Jr. with construction completed in 1985.
One of the defining features of the Marriott Marquis is the hotel’s large atrium. It was the largest in the world upon its completion, measuring 470 feet high. The atrium spans the entire height of the building and consists of two vertical chambers divided by elevator shafts and bridges. The record was recently broken by the Burj Al-Arab in Dubai.
A number of scenes from Denzel Washington’s “Flight” and the upcoming “Catching Fire,” the “Hunger Games” sequel, were filmed in the building.