Kronos to Build New "Crowne" Jewel in Atlanta
APRIL 24, 2008. Kronos Hotels, LLC, will build a stylish 17-story Crowne Plaza Hotel on 0.77 of a 1.59 acre site at the prestigious corner of Peachtree Road and Peachtree Avenue - just one block south of the ambitious "Streets of Buckhead" development - at an estimated project cost of $75 million.
The landmark building will feature 238 upscale rooms plus 24 luxury condominium units on the top floors, as well as a fine dining restaurant, a world-class spa, 12,000 square feet of retail space, 12,000 square feet of meeting space, and five levels of underground parking. Construction is scheduled to begin in August, with completion expected in 18 months.
"Our design will be clean, modern, dramatic - a distinctive destination for sophisticated travelers, while also appealing to local residents with superior dining and spa experiences," said Charles Morais, chief executive officer of Atlanta-based Kronos.
"We're planning thoughtfully and thoroughly so this grand new hotel fits uniquely yet comfortably into the Buckhead scene, which is one of the southeast's most progressive and vibrant five-star communities."
"Crowne Plaza" is one of seven brands franchised by Atlanta-based InterContinental Hotels Group (IHG).
On April 4, Kronos announced the acquisition of eight new hotels valued at approximately $45 million in two separate deals which are expected to close within 90 days. This will bring the company's portfolio to 36 hotels and more than 5,000 rooms in 10 states, with an asset value of about $250 million.
Kronos expects to add as many as 10 additional properties within the next year in the United States, Europe, and Asia. Currently, Kronos is in the final stages of acquiring two existing hotels in Morais' home country of Malaysia to expand its international portfolio, with closing expected by early June.
The company is also in negotiations to acquire three additional hotels in Malaysia.
Morais heads an investment group that includes brothers Rajesh Mir and Sunil Mir, brothers Sunil Bhikha and Kishor Bhikha, Sarwir Hansa, and Moses Daniel. They have assembled a group of proven hotel veterans to handle day-to-day management responsibilities.
Kronos Hotels manages its properties through a subsidiary - Destination Hospitality, LLC - which has been approved by such prestigious hospitality franchise partners as Hilton Hotels, InterContinental Hotels Group, and Starwood Hotels.
While hotels are the niche market and specialty for Kronos, the company also owns shopping centers, residential properties and other real estate in the southeastern United States.
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