Capri Capital Partners Restructures Ownership in W Atlanta Hotel with Barry Real Estate

Restructuring avoids foreclosure sale of downtown hotel
By: Blitz Group LLC/Jeff Fisher
 
 
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Capri Capital Partners
W Atlanta Hotel & Residences
Ownership
Finance

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Business
Real Estate
Finance

Location:
Chicago - Illinois - US

April 20, 2010 - PRLog -- Chicago, IL – Capri Capital Partners, LLC (“Capri”) announced today it has reached agreement with Barry Real Estate Companies, Inc. (“Barry”) on conversion of Capri’s mezzanine loan into an equity interest in the W Atlanta Hotel & Residences, located at 45 Ivan Allen Jr. Boulevard.

Under the new agreement, Capri assumes the primary ownership interest of the 28-story mixed-use hotel and condo property that opened in 2009.  Barry will continue to have active involvement in aspects of the project.

“We are very pleased with the successful restructuring, solidifying the ownership of the property and avoiding a foreclosure sale,” said Martin G. Alston, Capri Partner/Chief Administrative Officer.  “Capri looks forward to working with Barry to realize the full value of this first-class downtown property.”

“Over the long-term, Atlanta's diverse economic base, business-friendly environment and population growth will allow it to achieve above-average growth in lodging performance,” said Jeff Davis, Executive Vice-President Jones Lang LaSalle Hotels.  “Although Atlanta experienced historically low occupancies in 2009, this was exacerbated by large supply increases in recent years.  As the overall economy and demand recovers, Atlanta will be able to absorb recent supply additions, resulting in an occupancy-led RevPAR recovery of the market.”

The W Atlanta-Downtown Hotel consists of 237 hotel rooms, 74 condominiums and BLT Steak Restaurant.

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About Capri Capital Partners, LLC
Capri Capital Partners LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients totaled $3.6 billion in fair market value as of December 31, 2009. For more information, please call 312-573-5275 or visit the company’s website www.capricapital.com.
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