Hotels to Be Converted to GSU Student Housing
Hunter Realty, a leading national hotel investment advisory firm, today announced the sale of two adjoining Downtown Atlanta hotels, the former Wyndham Garden Hotel and The Baymont Inn and Suites, at 175 Piedmont Avenue. The two hotels were acquired by Georgia State University for an undisclosed amount and will be converted as soon as possible into student housing for the University. The hotels are adjacent to the main campus. Bob Hunter in Hunter's Atlanta office and Kyle Stevenson in Hunter's Washington, DC office advised the seller in the transaction.
The two hotels combined have a total of 453 rooms, which will greatly expand the University's inventory of convenient student housing. "Approximately 31,000 students are on campus this semester," said Bob Hunter, CEO of Hunter Realty. "This transaction will help meet the growing demand for quality, convenient student housing in the downtown area."
"This transaction is attractive for all parties involved, as well as the hotel market in Atlanta. The University gains convenient student housing at an attractive price below replacement costs and the seller received a fair value for its real estate in a challenging market," Hunter noted. "In addition, all downtown hotel owners will benefit as a large number of competitive rooms will be removed from the market."
"Georgia State University makes notable contributions to the vitality of the Downtown Atlanta community, and the additional student housing should spark additional nearby development to meet student needs," Hunter noted. "This is a great transaction from all angles."