ATLANTA (Feb. 17, 2011) - When Doug McMahon of Tavistock Group was in Buckhead with former Calif. Gov. Arnold Schwarzenegger last fall, the St. Regis Hotel and Residences must have caught his eye.
Early this morning, Windermere, Fla.-based Tavistock said it had acquired the upscale hotel on West Paces Ferry Road near Peachtree and the 30 unsold condos atop it.
The announcement came on the perfect day to create a big buzz in Atlanta's commercial real estate industry. This evening, hundreds of CRE people will put on their tuxes and long dresses and gather at the St. Regis for the annual NAIOP Night.
Here's the official release from PRNewswire.
ORLANDO, Fla., Feb. 16, 2011 /PRNewswire/ -- Tavistock Group announced today that it has acquired the 151-room St. Regis Hotel and the remaining 30 St. Regis Residences in Atlanta's exclusive Buckhead community. Tavistock Group acquired the property from a consortium of partners, some of whom were also the property's development team.
(Photo: http://photos.prnewswire.com/prnh/20110216/FL49992 )
"We are thrilled to acquire the St. Regis property in Atlanta and believe it is a terrific asset in one of the Southeast's most prominent cities. We believe Atlanta will continue to be a critically important economic and cultural center for the next several decades," said Douglas E. McMahon, a managing director of the diversified, privately-held investment company.
Starwood Hotels & Resorts will continue to manage The St. Regis Atlanta, which has proven to be a successful partnership to date, recently recognized as the Buckhead Business of the Year by the Buckhead Business Association.
"Our group is interested in finding and acquiring more quality assets like the St. Regis, and my team currently is looking across the country for similar opportunities," stated Barry Goff, the managing director of diversified acquisitions for Tavistock Group.
"The quality of the real estate asset and the City of Atlanta were driving factors for us," said McMahon, "and we look forward to expanding our presence in Atlanta and introducing the resident owners of the St. Regis to the benefits of being a part of the Tavistock Group family."
Opened in April 2009, The St. Regis Atlanta was developed by the SR Hotel Development Company, LLLP, and has enjoyed notable success both as a hotel and a preferred residential address. The St. Regis Atlanta has established a new standard of quality for high-rise hospitality and living in the Southeast. The St. Regis Hotel was recently presented the 2011 AAA Five Diamond Award in lodging, 2011 AAA Four Diamond Award in restaurants for Paces 88 and the 2010 Hot List Award by Conde Nast Traveler. Twenty-three of the fifty-three Residences already have been sold to a broad array of prominent community and business leaders from the city.
"We intend to be a hands-on, highly involved owner," added McMahon. "We will strive to make this the very best St. Regis hotel property and work to establish the St. Regis Residences at 88 West Paces Ferry as the most desirable address in the city of Atlanta."
About Tavistock Group
Tavistock Group is an international private investment company founded by Joe Lewis.
With investments in 250 companies across 15 countries, Tavistock Group's investment portfolio includes: life sciences, professional sports team and sporting events, manufacturing and distribution, oil, gas and energy, financial services, restaurants, commercial properties, private luxury residential properties, resort properties and master-planned real estate developments.
Tavistock Group owns and has developed the renowned Isleworth and Lake Nona Golf & Country Clubs in Orlando, Florida, the luxury resort community of Albany in The Bahamas, and is currently building a 7,000-acre master-planned medical city in central Florida anchored by the new Nemours Children's Hospital, The Sanford-Burnham Institute, and The University of Central Florida's College of Medicine.
For more information on Tavistock Group, visit www.tavistock.com.
About The St. Regis Atlanta
Combining timeless sophistication with an unrivaled dimension of luxury, The St. Regis Atlanta Hotel & Residences debuted April 14, 2009. The 26-floor development features 151 luxuriously appointed guest rooms and suites, 53 St. Regis Residences, more than 16,000 square feet of contemporary meeting and event space, two exclusive bars, world-class culinary options, a state-of-the-art fitness facility that overlooks an exquisite 40,000-square-foot Pool Piazza and poolside Bar, a 7,800-square-foot Remede Spa and Paces 88, the signature restaurant. Each guest room and suite is attended by the signature St. Regis Butler Service, an ever present yet unobtrusive service dedicated to meeting the needs of discerning global travelers. The St. Regis Atlanta Hotel & Residences is located at 88 West Paces Ferry Road in Buckhead. For more information, please call (404) 563-7900 or visit www.stregis.com/atlanta.
About St. Regis Hotels & Resorts
Combining classic sophistication and modern luxury, the St. Regis brand remains faithful to its commitment to excellence. Founded by John Jacob Astor IV, with the opening of the first St. Regis Hotel in New York City over a century ago, the St. Regis brand of hotels is known for its unique luxury dimension, customized service and refined elegance, in the best destinations worldwide. Plans for this brand to globally continue its legacy include long-awaited St. Regis US and Latin American hotels and resorts in Bal Harbour, Buenos Aires and the Riviera Maya. In Asia, St. Regis has also announced plans to open hotels in Bangkok, Chengdu, Kuala Lumpur, Sanya Yalong Bay and Tianjin. In Africa and the Middle East, the St. Regis brand will continue to expand in Abu Dhabi, Cairo, Doha and Mauritius. The distinctive trait of the St. Regis experience is customized service and attention, coveted locations and luxurious design. For more information on St. Regis Hotels & Resorts, please visit www.stregis.com.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,025 properties in 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Meridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element (SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.
Great news, We still see big M&A in the market even during this hard time for real estate investors. Best, Mark
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