An affiliate of Summit Hotel Properties Inc. purchased the new AC Hotel Atlanta Downtown from Peachtree Hotel Group's affiliate for $57.5 million, the Atlanta Business Journal reported, citing Fulton County court records.
Peachtree spent $47 million to acquire and recently renovate the asset at 101 Andrew Young International Boulevard in Atlanta into a 255-room hotel under Marriott International Inc.'s AC Hotel brand, the Aug. 10 report noted.
Following the deal, Summit owns six hotels in Georgia, including a Residence Inn in Midtown and a Hilton Garden Inn in Duluth.