Legacy Property Group Buys Doubletree Hotel for $42 Million
Atlanta-based Legacy Property Group acquired the DoubleTree Hotel in Downtown Atlanta from global private equity firm The Blackstone Group LP for $42.1 million, or approximately $135,000 per room.
Constructed in 1960, the 312-room hotel is located at 160 Spring St. within walking distance to the Peachtree Center MARTA station, the Georgia World Congress Center, Philips Arena and the Georgia Aquarium. Originally under the Marriott banner, the full-service hotel underwent renovations and was rebranded under the DoubleTree flag in 2013.
Legacy Property Group plans to invest $12 million to renovate the hotel and its restaurant, and will keep the DoubleTree brand.