Source: Douglas Sams, Atlanta Business Chronicle
AmericasMart, the 7.1-million-square-foot heart of Atlanta’s hospitality industry and first project developed by renowned architect John Portman, is being sold.
AmericasMart said Tuesday it will be acquired by International Market Centers, which operates showrooms in High Point, N.C., and Las Vegas. The combined company will have 20 million square feet of showroom space spread between marts in Atlanta, Las Vegas, and High Point. Acquiring AmericasMart also allows IMC to expand deeper into gift and apparel businesses.
The deal comes four and a half months after Portman died. Portman’s son, Jeff Portman, now chairman and CEO of AMC, the parent company for AmericasMart, will serve as an advisor to the International Market Centers board.
He said AmericasMart has long served as the crossroads of commerce in downtown Atlanta, but combining with IMC brings powerful talent and financial resources together.
International Market Centers is backed by affiliates of The Blackstone Group L.P. (NYSE: BX). Blackstone acquired IMC last year.
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