Atlanta’s Troubled W Hotel Bought at Discount
The W Hotel Atlanta Downtown has been acquired by Stonebridge Hospitality Management, a move that allows the property to avoid a public foreclosure auction. Stonebridge acquired the property through a deed in lieu of foreclosure.
Stonebridge paid $24.8 million for the 237-key hotel overlooking Atlanta’s Downtown Connector. It bought the hotel for less than half what Ashford Hospitality Trust paid in 2015.
The W Hotel was completed in 2009. The Atlanta Business Journal reports it was one of several hotels that broke ground just before the credit collapse, leading to the Great Recession. It opened in a market reeling from declining demand. The hotel was foreclosed in 2010. Ashford paid $56.75 million for the hotel in 2015.
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