Centrally located in the heart of Atlanta’s Perimeter Center, the Le Meridien Atlanta Perimeter was originally developed in 1991 and features a total of 275 guestrooms. Purpose built as the first W Hotel to open in the Atlanta MSA, the property was subsequently converted to Le Meridien following a comprehensive renovation in 2013. The 12-story, 224,684 SF Hotel is located at 111 Perimeter Center W immediately adjacent to Perimeter Mall and within proximity to a myriad of demand generators including State Farm, Mercedes Benz and the newly constructed 135-acre Assembly Atlanta film studio. Uniquely positioned within its respective market, the Le Meridien’s guestrooms are among the largest in the Perimeter market measuring a minimum of 412 SF and the largest measuring more than 825 SF. Additional Hotel amenities include an expansive lobby lounge and outdoor patio, Portico restaurant, 10,099 square feet of meeting space, seasonal outdoor pool, and fitness center.
While extremely well maintained, the Le Meriden has not been renovated since its initial conversion from a W Hotel in 2013. Since 2017 ownership has invested $2,242,022, or $8,153 per key in upgrades. During the Trailing Twelve Month (“TTM”) period ending September 2023, the Le Meridien achieved occupancy, ADR and RevPAR of 62.9%, $158.70 and $99.81, respectively. The Hotel’s performance figures reflect a 20.2% RevPAR increase year over year, a resulted in nearly $13 million in total revenue generated during the period. Meanwhile, the hotels respective competitive set also experienced stellar growth of 22.8%, highlighting the strong market recovery currently underway.
The opportunity for an investor to acquire an institutional hotel at a significant discount to today’s replacement costs in a premier submarket of a major MSA such as Atlanta rarely exists. Further, the implementation of a comprehensive renovation plan is anticipated to propel future top and bottom line growth at the Le Meridien while capitalizing on the continued demand expansion within Atlanta’s Perimeter market.