Stonebridge Hospitality Management has acquired the W Hotel Atlanta Downtown, saving it from a public foreclosure auction. The 237-key hotel, situated along Atlanta’s Downtown Connector, was purchased for $24.8 million – less than half of what Ashford Hospitality Trust paid in 2015.
The acquisition was made through a deed in lieu of foreclosure by Stonebridge. Completed in 2009 and opened during the Great Recession when demand for hotels was declining due to the credit collapse, this property faced financial troubles early on and eventually went into foreclosure in 2010. Ashford then bought it for $56.75 million five years later.
This recent purchase by Stonebridge highlights their expertise and strategic decision-making as they acquire properties at discounted prices while also contributing to revitalizing markets like Atlanta’s downtown area.
