Whitestone Companies acquires Le Méridien Atlanta Perimeter hotel

Whitestone Capital, a division of Whitestone Companies, announced the purchase of the 275 room Le Meridien Atlanta Perimeter from Starwood Capital, in partnership with Shaner Hotels, an award winning, international hotel owner, operator and developer.

“Atlanta is a market we have been eyeing for quite some time,” said Jay Batra, Chief Executive Officer of Whitestone Companies. “As with most things, it is about timing. With the Le Meridien, we believe we have found an incredible asset in a great location with considerable upside potential.”

The Le Meridien is a unique 12-story structure with over 10,000 square feet of meeting space. Known for its expansive public space incorporating a restaurant, lounge and outdoor fire pit, a great pool oasis with rental cabanas, and incredible views of the area, this property is a hidden jewel of the Perimeter area. “The property is truly amazing,” said Chuck Groger, Chief Revenue Officer of Whitestone Companies. “Over half of its inventory consists of expansive two bay, suite style guestrooms with over 800 square feet of living space. It is essentially a suites product without the name and very few people know about it. That, we need to change.”

Whitestone Companies has selected Shaner Hotels to manage the day-to-day operations of the hotel. Shaner brings to this project extensive experience in managing properties in the Marriott Premium Distinctive Brand Category. “We believe Shaner will be able to quickly infuse a premium brand guest experience the property has been missing in recent years,” said Batra. “Shaner excels in this segment, and we are expecting great things from our continued partnership.” This is the fifth project Whitestone Companies and Shaner Hotels are partners in together.

“With the addition of Le Méridien Atlanta Perimeter, we further cement our portfolio of hotels with well-respected owners and brands,” said Plato Ghinos, president, Shaner Hotels. “This hotel expands our presence in Georgia, creating economies of scale and the ability to share best practices which will have an immediate positive impact on Le Méridien’s performance.”

Centrally located in the heart the bustling Atlanta Perimeter Area, Le Méridien Atlanta Perimeter is situated next to the Perimeter Mall and its more than 200 specialty shops and restaurants. Additional nearby attractions include the Spruill Gallery, Georgia Aquarium and Atlanta Botanical Gardens. The hotel provides a state-of-the-art fitness center, outdoor swimming pool with cabanas, nearly 10,000 square feet of meeting space and shuttle service to local attractions. Guests also may dine at Portico Global Cuisine, the hotel’s signature restaurant serving internationally inspired dishes made from artisanal, farm-fresh ingredients. Tastefully appointed guest suites feature separate living/working and sleeping areas.

Whitestone Companies is expected to reimagine the public space and complete a soft goods refresh within the first 18 months of ownership.

The all-cash transaction closed in less than 45 days and was made possible through the diligent work of Hunter Hotel Advisors who advised both Whitestone Companies and Starwood Capital on the transaction.

About Shaner Hotels

Headquartered in State College, Pa., Shaner Hotels is one of the foremost owner-operator companies in the hospitality industry with more than $1 billion invested in 60 hotel properties owned and managed across the U.S., Italy, Greece and the Bahamas. Over the past 40 years, the company has also been engaged in both new development and redevelopment of more than 80 hotel projects with leading brand affiliations such as Marriott International, InterContinental Hotels, Choice Hotels and Hilton. New properties are constantly evaluated as Shaner Hotels continues a conservative yet opportunistic approach to growth. For more information about the company and its divisions visit shanercorp.com.

About Whitestone Companies

Whitestone Capital, a division of Whitestone Companies, is a real estate investment firm specializing in the development and repositioning of hotels, multi-family units, and corporate office space across the United States. Based in Columbus, Ohio, Whitestone’s current portfolio consists of assets in over twelve states across three time zones. An award-winning developer, Whitestone’s extensive knowledge of capital funding, property management, commercial design and construction management allows it to drive a project from conception to completion. While Whitestone targets value add and opportunistic new build projects in both metropolitan and destination locations, its customized investment approach centers around providing exceptional returns for its investors, maximizes associate engagement, and to improve the communities it serves. For more information about the company and its division visit whitestonecompanies.com.