Crescent Real Estate Acquires Westin Hotel in Metro Atlanta for $84.9M

by Camren Skelton

SANDY SPRINGS, GA. — Crescent Real Estate LLC has acquired the Westin Atlanta Perimeter North, a 372-room hotel in Sandy Springs, roughly 15 miles north of downtown Atlanta. The Atlanta Business Chronicle reports a joint venture between Carey Watermark Investors and The Arden Group Inc. sold the asset for $84.9 million. The hotel is located adjacent to the 63-acre Concourse Corporate Center, a 2.2 million-square-foot, Class A office complex in Atlanta’s Central Perimeter office submarket that includes the “King and Queen” office towers. The Westin Atlanta Perimeter North features 20,000 square feet of meeting space, a business center, fitness studio, outdoor pool and the SAVOR bar and kitchen. The hotel was renovated in 2014 to include enhancements to rooms, public areas, meeting space and food and beverage facilities. HEI Hotels will manage the property on behalf of the new ownership.

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