By Tony Wilbert, WNS PR
ATLANTA (Sept. 15, 2010) - Something interesting's going on at downtown's historic Carnegie Hotel, a former office building commonly referred to as Atlanta's first skyscraper.
The historic landmark, as the city of Atlanta designated it in 1990, has been for sale for a while. However, earlier this month, CB Richard Ellis issued a call for offers. All offers must be submitted to Lewis Miller of CBRE by 5 p.m. Friday (Sept. 17). "This upscale boutique property is located in what will be the completely renovated historic Carnegie Building, which was Atlanta's first skyscraper," CBRE says in the listing information. (Photo courtesy of LoopNet.)
The building, owned by Carnegie Hotels LLC, which appears to be an affiliate of Diplomat, is slated to become InterContinental Hotels Group's second Hotel Indigo in Atlanta. The renovation into a hotel Indigo was to have been completed in February 2011 at a cost of nearly $31 million.
However, a new buyer could bring in any hotel flag it desires, according to CBRE's listing information. "Current ownership has an agreement to operate the property as Hotel Indigo, an Intercontinental Group brand, but the property is being offered unencumbered by brand subject to closing requirements," the listing states. "For qualified investors, the attractive in-place debt, which matures in 2012, may be assumable, and $3 million in tax credits are potentially available to an investor."
The property, which has sold for as much as $12 million, now is valued at $4.66 million, according to Fulton County.
The historic building adjacent to the former Macy's store was designed by architect G. Lloyd Preacher, who also designed Atlanta City Hall, Henry Grady Hotel and Bass High School.
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