Columbus, OH (June 5, 2024) – Today, Whitestone Capital, a division of Whitestone Companies, purchased the 275 room Le Meridien Atlanta Perimeter from Starwood Capital. This purchase marks Whitestone’s first purchase in the greater Atlanta metropolitan area and tenth hotel purchase in the last twelve months.
“Atlanta is a market we have been eyeing for quite some time,” said Jay Batra, Chief Executive Officer of Whitestone Companies. “As with most things, it is about timing. With the Le Meridien, we believe we have found an incredible asset in a great location with considerable upside potential.”
The Le Meridien is a unique 12-story structure with over 10,000 square feet of meeting space. Known for its expansive public space incorporating a restaurant, lounge and outdoor fire pit, a great pool oasis with rental cabanas, and incredible views of the area, this property is a hidden jewel of the Perimeter area. “The property is truly amazing,” said Chuck Groger, Chief Revenue Officer of Whitestone Companies. “Over half of its inventory consists of expansive two bay, suite style guestrooms with over 800 square feet of living space. It is essentially a suites product without the name and very few people know about it. That, we need to change.”
The Perimeter area of Atlanta is a rapidly expanding retail and corporate submarket of the city and home to several major Fortune 500 headquarters and Georgia’s second largest mall complex.
Whitestone Companies has selected Shaner Hotels to manage the day-to-day operations of the hotel. Shaner brings to this project extensive experience in managing properties in the Marriott Premium Distinctive Brand Category. “We believe Shaner will be able to quickly infuse a premium brand guest experience the property has been missing in recent years,” said Batra. “Shaner excels in this segment, and we are expecting great things from our continued partnership.” This is the fifth project Whitestone Companies and Shaner Hotels are partners in together.
Whitestone Companies is expected to reimagine the public space and complete a soft goods refresh within the first 18 months of ownership.
The all-cash transaction closed in less than 45 days and was made possible through the diligent work of Hunter Hotel Advisors who advised both Whitestone Companies and Starwood Capital on the transaction.
