Highline Hospitality Partners Announces Joint Venture Acquisition of The Sheraton Suites Galleria-Atlanta
Hospitality Investment Firm Adds 278-Room All-Suite Property to Its Portfolio
Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has acquired the Sheraton Suites Galleria-Atlanta in a joint venture with an affiliate of Paceline Equity Partners, LLC, a Dallas-based private equity manager. The full-service and 278-room all-suite hotel, which is HHP's sixth property, is located in a highly active corridor just 20 minutes from downtown Atlanta. The joint venture will be Highline Hospitality Partners' first strategic investment with Paceline.
Highline Hospitality Partners' team has more than 60 years of combined experience across sourcing, purchasing, asset-management, renovating, repositioning and selling hospitality properties, and it has operated all classes of hotels.
"We are proud to add The Sheraton Suites Galleria-Atlanta to our growing portfolio," said Highline Hospitality Partners' Managing Partner, Chuck Pomerantz. "As travel and convention business comes back, Atlanta is a prime location for meetings, events, and leisure travel, so we are thrilled to be in this market. I am also excited to invest with Paceline; together, we are confident this property will find great success with our extensive experience."
The Sheraton Suites Galleria-Atlanta was developed in 1990 and underwent a complete renovation in 2013. It features 4,000 square feet of meeting space and a 352-space parking garage. The amenities include two restaurants, a fitness center, an indoor and outdoor pool, and a grab ‘n' go market. The property is located less than one-half mile from The Battery, a mixed-use development anchored by Truist Park, home of the Atlanta Braves. The proximity attracts both business and leisure travel, which has grown steadily as The Battery development continues to expand.
The Sheraton Suites Galleria-Atlanta is located at 2844 Cobb Pkwy SE, Atlanta, GA 30339.