The Loudermilk Companies, an Atlanta-based real estate investment firm, is looking to add a boutique hotel to its roster of prized local assets. Loudermilk is partnering with Atlanta-based Regent Partners to develop a new hotel at 415 East Paces Ferry Road in the Buckhead Village. The hotel would rise from the site of the current State Bank & Trust Company branch at the intersection of East Paces Ferry Road, Buckhead Avenue and Old Decatur Road.
State Bank, which earlier this year purchased the naming rights to Chastain Park Amphitheater, rechristening it State Bank Amphitheater at Chastain Park, is headquartered in Buckhead Tower adjacent to Lenox Square. Sources close to the bank indicate that they intend to relocate the East Paces branch to the former Bank of America at 340 Pharr Road early next year. ToNeTo Atlanta reported in June that Blanchard Real Estate purchased the .43 acre bank site with no confirmed plans then as to what they intended to do with it. A representative with Blanchard Real Estate said he could not comment on our assertion that State Bank will soon occupy the site.
Fulton County property records are not entirely accurate as it relates to the 415 East Paces site. The property, according to records, is located at 414 Buckhead Avenue, despite its actual location at 415 East Paces Ferry Road. Additionally, the records indicate the site is only .43 acres but it's actually just over an acre including a portion of the 367/371 East Paces property deeded to the 415 site. Loudermilk and his 415 East Paces Ferry LLC purchased the 415 site in 2012 for $3.5 million.
Denver-based Two Roads Hospitality will flag and manage the new hotel under its Thompson Hotel collection, which includes existing properties in Chicago, Hollywood, Seattle, New York and Toronto, among other locales. Thompson Hotels was named a Top Hotel Brand in Travel + Leisure’s 2017 World’s Best Awards.
The approximately 200 room, 10 story hotel is expected to be branded as a Thompson Hotel and is planned to include about 6,000 square feet of meeting space, a local chef-driven restaurant, and a rooftop restaurant and bar.
Atlanta-based Rule Joy Trammell + Rubio LLC, which previously designed Loudermilk's new Class A medical office building at 371 East Paces, is being tapped to design the hotel as well.
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| Rendering of the Thompson Hotel in Buckhead Village |
The developers hope to break ground in the second quarter of 2019, with an opening expected in early 2021.
Although Buckhead is home to a variety of large chain hotels such as the numerous Marriott, Hilton and Hyatt branded properties, the community lacks any small, independent boutique style properties, a void that the Thompson Hotel would fill. There are currently no known plans for an Andaz, a boutique hotel brand from Hyatt, or an Ace, in metro Atlanta, but more boutique projects are planned.
The Buckhead Village has been a popular development area in recent years with numerous residential projects recently completed or under construction, with another couple of hotel projects planned.
Portman Management Company, a division of Portman Holdings, reportedly closed August 30 on its purchase of the nearby Sobu Flats condo building on East Paces Ferry Road. Several residents of Sobu Flats tell ToNeTo Atlanta that Portman is currently planning to convert the 1952 era building into a mid-century themed boutique hotel. Portman paid a reported $28 million for the 132 unit building on about three acres.
George Rohrig of Cartel Properties, once a property partner of Loudermilk, is also planning a boutique hotel project in the Buckhead Village, but his plans are far more ambitious and far less likely to come to fruition given the many hurdles it must overcome. ToNeTo Atlanta reported in July that Rohrig would partner with New York's Dream Hotel Group to open the 200 room hotel at 3275 Roswell Road. In addition to the 200 rooms, the project would also feature 90 residences, a spa and wellness concept, five "highly activated" dining and nightlife venues, including a 17,000 square foot rooftop pool bar and lounge, and last but not least, 80,000 square feet of office and retail space.
In Piedmont Heights, Atlanta-based Paces Properties is partnering with Austin-based hospitality firm Bunkhouse to bring a boutique hotel to the former Intown Suites property along I-85. ToNeTo Atlanta reported in February that the two firms plans to convert the 1960s era low-rise hotel site into a trendy 160 room boutique property complete with nearly 50 studio spaces, bar and restaurant. The project is expected to be completed in late 2019/early 2020.
Are you excited at the prospect of new boutique hotels coming to Buckhead? What is your favorite boutique hotel brand? In what part of Atlanta would you most like to see a boutique hotel open next?
Please share your thoughts below
1 comment:
The Camden project on Roswell Rd. has the neighborhood fired up. The abhorrent destruction of the old trees along Roswell Rd is disgraceful.
One wonders how the CEO of Camden (who likely lives in a leafy Houston country club neighborhood) would feel if some Atlantan's came in and chopped down 100 of his 50 year old hardwood trees?!?!?
We'll see what the after construction landscaping is like. It better be nice.
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