Paragon Hotel Company Enters Atlanta Airport Market
December 5, 2014
ANDERSON, SC (Dec. 5, 2014)– Paragon Hotel Company (PHC), which owns and manages 20 properties in four states, today announces the purchase of the Hilton Garden Inn Atlanta Airport (North), expanding into the Atlanta market for the first time. ATL Hotel Group LLC, a PHC subsidiary, purchased the 174-room hotel at 3437 Bobby Brown Pkwy, Atlanta, Ga., from Airport Developments LLC, a subsidiary of Hotel Evolution Inc. The deal, which involved no brokers, is valued at $26 million.
“Paragon Hotel Company is excited about growing the organization’s portfolio and entering the nation’s largest airport market serving more than 45 million passengers annually,” says Mitesh Patel, executive vice president of the Anderson, SC-based company.
The hotel is PHC’s ninth Hilton property, with another underway – a Homewood Suites in Lynchburg, Virginia. GE Capital provided financing for the purchase, the second time Paragon has turned to the Norwalk, Conn.-based lender with $514 billion in assets as of 2013. “Working with them on an earlier transaction made this second one that much smoother,” Patel says, “and with PHC’s expanding footprint, they saw a solid, risk-free opportunity for our entrance into this continually growing market.”
The Hilton Garden Inn Atlanta features a rich wood interior and modern décor – only five miles from the center of the South’s largest city; the hotel is one mile from the airport, with round the clock complimentary airport shuttle service. The hotel, which also houses The Garden Grille & Bar, includes in-room amenities such as: a 37-inch LCD HDTV and an in-room hospitality center, featuring a microwave, refrigerator and Keurig coffeemaker, perfect for preparing tasty treats from the 24-hour Pavilion Pantry® located in the lobby. The hotel also boosts over 4,300 square feet of meeting and banquet space that can accommodate everything from corporate meetings to private family celebrations.
About Paragon Hotel Company
Founded in 1995, PHC is a hospitality real estate management and development company based in Anderson, SC. The company’s vision, “constantly challenging the status quo,” complements its mission to acquire, develop and manage a portfolio of unique properties and lifestyle experiences for the enjoyment of our guests, while delivering exceptional financial results to investors and positively impacting the surrounding communities. The company’s portfolio of more than 2,100 rooms in South Carolina, Georgia, Virginia and Tennessee includes hotels within Hilton, Marriott, Intercontinental, Best Western, Choice, Carlson Hotels Worldwide and Wyndham Worldwide franchises.
About Hotel Evolution
Hotel Evolution, LLC, founded in 2006, is a privately-held hospitality management, development, and consulting company headquartered in Norcross, Georgia. Employing over 150 people, the company and its affiliates presently own and manage 4 hotels comprising of 442 rooms located in the southeastern United States. Hotel Evolution’s team is famous for paying attention to the smallest details and guest comforts in order to exceed all service expectations. They are, “Superior Hotels Evolving in the Spirit of Hospitality”.