Middle Eastern investors have placed a nearly $300 million bet on Atlanta’s largest hotel, the Marriott Marquis.
Black Diamond Inc. bought the hotel on Jan. 11, according to real estate research firm Databank Inc.
Hamad Al Dhaheri is listed as CEO of the company, according to the Georgia Secretary of State’s office. Dhaheri is a senior manager at Abu Dhabi Investment Authority (ADIA), a global investment firm owned by the government of the Emirate of Abu Dhabi.
The deed record shows the hotel sold for $266.8 million, according to Databank. The previous owner, Host Hotels & Resorts Inc., said it sold the Marquis for $293 million. It didn’t disclose the buyer at the time.
Atlanta Business Chronicle reported the Marquis was for sale last June. It was thought the property could fetch up to $400 million. The Marquis has 1,569 rooms, 94 suites, 61 meeting rooms and more than 28,000 square feet of exhibit space.
“It’s a valuable piece of property,” said Alan Wexler, founder of Databank. “It’s a jewel in our hotel industry here.”
Another large downtown hotel, the Hilton Atlanta, is on the market.
More hotels have been coming onto the market due to stronger market fundamentals and a low supply of new construction.
Source: AtlantaBusinessChronicle
