Dealmaker: Blackstone Affiliate Purchases Hyatt Regency Atlanta for $355M

Hyatt Hotels Corp., Chicago, sold the Hyatt Regency Atlanta hotel on Peachtree Street in downtown Atlanta for $355 million.

Hodges Ward Elliott, Atlanta, arranged the sale. An HWE team including Senior Managing Director Mark Elliott, Managing Director Pete Dannemiller, Senior Vice President Jeff Berkman and Vice President Nate Ries represented Hyatt in the transaction.

The Atlanta Business Chronicle first reported a Blackstone affiliate purchased the 1,260-room hotel.

With a 22-story atrium, the 1967-vintage hotel is one of the most recognizable buildings in Atlanta. The property received a $60 million renovation in 2010.

Architect and developer John Portman Jr., who also designed the atrium-style New York Marriott Marquis, developed the Hyatt Regency Atlanta, the first atrium-style hotel constructed with guest rooms surrounding a central court.

The property is home to Georgia’s largest hotel ballroom, the 30,000-square-foot Centennial Ballroom, in addition to 25,000 square feet of pre-function space a 19,000-plus-square-foot conference center and more than 50,000 square feet of exhibit space in 52 meeting rooms.

Hyatt said it will continue to manage the Hyatt Regency Atlanta.