Developer plans $350M luxury hotel near High Museum
Atlanta Business Chronicle
An Atlanta developer plans to build a $350 million luxury hotel on Peachtree Street in Midtown, across from the High Museum of Art.
Alvin D. James, a veteran broadcasting industry executive, has signed an agreement to purchase the property from metro Atlanta home builder John Wieland, CEO of John Wieland Homes & Neighborhoods Inc.
James plans a 250-room, five-star hotel on the site of Wieland’s proposed One Museum Place condominium project at 1301 Peachtree St. Wieland abandoned his 23-story, $325 million, 92-unit luxury condo tower in 2007, as the metro Atlanta housing market began to falter.
James is in talks with three international hotel brands as a flag for the hotel, which he plans to open in spring 2012.
He said a European hedge fund, which he did not name, is fully funding the $350 million project.
“We are very fortunate to have project funding with the current market conditions.”
Wieland confirmed the land is under contract to James and the deal is expected to close in mid-June. Both Wieland and James declined to disclose the sales price.