**Alliance Residential Acquires Atlanta Hotel for $16.65M, Plans Apartment Redevelopment**
Alliance Residential has acquired the Homewood Suites by Hilton Atlanta-Galleria/Cumberland for $16.65 million, with plans to redevelop the site into a 300-unit apartment community. The transformation from hotel to multifamily housing marks an ambitious new chapter for the property, which was originally constructed in 1990 and consisted of 124 rooms.
The acquisition involved backing by the Carlyle Group, according to recent reports. The seller, Atlanta-based Artemis Hotel Group, purchased the property in May 2024 for $12 million. In a statement shared via LinkedIn, Artemis said the hotel was held for 18 months after being acquired off-market from an institutional seller. The deal yielded an internal rate of return (IRR) of 23.52% and a 1.5x equity multiple, highlighting the strong investment performance of the asset.
Alliance Residential plans to redevelop the property into a modern apartment complex, featuring a mix of one- and two-bedroom units. Planned amenities include a saltwater pool, a fitness center, and other community offerings aimed at enhancing resident lifestyle.
The project is located near Truist Park in Atlanta’s vibrant Cumberland district, positioning it in one of the metro area’s most dynamic submarkets for residential growth.
