As the commercial real estate stabilize in the nation, several investors are now “buying” again in the market, just like recently, an international private investment company, Tavistock Group, has acquired a five star luxury hotel and some high-end residential properties in Atlanta’s elite Buckhead community. St. Regis Hotel, the 151-room five star luxury hotel is acquired by Tavistock Group from a group of partners.
In another commercial real estate market, another luxury hotel located in Washington D.C was sold recently for about $121 million. The buyer, Dallas-based Crow Holdings Realty acquired the property from the real estate investment firm — Amstar.
Part form the transaction with the five star luxury hotel, Tavistock has also acquired St. Regis Residences 30 remaining residences. About 23 of the 53 residences were already sold to various homebuyers in Atlanta.
The five star luxury hotel is currently manage by a hospitality ownership and management organization — Starwood Hotels & Resorts, which will continue to manage the property for the new owner.
According to company information, Starwood Hotels & Resorts has demonstrated its success for managing the hotel, a “successful partnership”.
The managing director at Tavistock Group, Douglas E. McMahon said that the company is thrilled for its recent hotel acquisition, and believes that the property is a good investment in the area.
McMahon also added that Tavistock intended to be a highly-involved and hands-on owner
The St. Regis Atlanta, a 26-floor five star luxury hotel was developed by SR Hotel Development Company, and was opened to the public in April 2009.