Thayer Lodging Acquires Hotel Palomar Atlanta-Midtown
Plans to Rebrand Property as The Renaissance Atlanta Midtown Hotel
WASHINGTON, DC - March 9, 2011 - Thayer Lodging Group, one of the nation's top private hotel investment companies, announced that the company is under contract to acquire the 304-room Hotel Palomar Atlanta-Midtown from WP Partners, a private investment group, for an undisclosed amount. The agreement is expected to be consummated within the next 30 days.
Concurrently, the company announced the hotel will be rebranded as The Renaissance Atlanta Midtown Hotel, within the Marriott International lifestyle portfolio. Renaissance will operate the property upon closing of the transaction.
“This is an outstanding lifestyle hotel in a prime location and will be a great addition to our portfolio,” said Jin Lee, managing director and CIO of Thayer Lodging Group. The hotel is currently managed by Kimpton Hotels & Restaurants, which owns the Palomar brand name, as well as the Pacci Ristorante and AltoRex Rooftop Lounge names. With the conversion to a Renaissance, the names of the restaurant and lounge will also be changed; however, the upscale, one-of-a-kind nature of the restaurant and lounge will continue to be signature features of the hotel.
Located at 866 West Peachtree St. NW, the 21-story Hotel Palomar Atlanta-Midtown is in the heart of Midtown Atlanta, near the campus of Georgia Institute of Technology, Piedmont Park and the Georgia Dome. The hotel features 10,000 square feet of flexible meeting space and a 1,000 square-foot fitness center.
About Thayer Lodging Group
Thayer Lodging Group, based in Annapolis, Maryland, is a privately held hotel investment company that was formed in 1991 by Frederic V. Malek and Leland Pillsbury. Thayer has a lengthy and successful track record that spans multiple investment cycles. Thayer is currently investing with its fifth private equity fund.
About Marriott International, Inc.
Visit Marriott International, Inc. (NYSE: MAR) for company information. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.
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Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
