Carey Watermark Investors 2 Incorporated (CWI 2), a non-traded REIT, has announced its acquisition of the Renaissance Atlanta Midtown Hotel, a 304-room, 21-story full-service property. Constructed in 2009, the hotel was converted to a Renaissance property in 2011. It has since undergone more than $3 million in capital improvements.
RevPAR growth has been significant within the Atlanta market, experiencing 13 percent and 9.3 percent growth in 2014 and 2015, respectively. Year-to-date through June, RevPAR continues to trend positively, up 6.3 percent compared with the same period last year. Growth is expected to remain strong with approximately 6 percent RevPAR growth projected over each of the next two years.
Among the Atlanta Midtown’s amenities are 8,600 square feet of meeting space, an onsite restaurant, a rooftop bar and lounge, a 24-hour spa and fitness center, and a 24-hour business center.
