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Summit Hotel pays $57.5M for Atlanta hotel

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.