More 5-Star Hospitality in Atlanta Midtown on Bank of America Plaza Site
Architectural plans are in place for the redevelopment of the tallest building in Atlanta to incorporate a new 5-Star hotel group within 16 floors of the lower part of the skyscraper. BentleyForbes the Los Angeles based Real Estate corporation, and owner of the architectural icon that is the Bank of America Plaza (pictured right) in Atlanta Midtown aims to retool part of the 55 story building into a 315 room luxury hotel.
In 2006 BentleyForbes paid $436 million for the Bank of America Plaza located in Midtown on the junction ofPeachtree Street and North Avenue Atlanta. The building at 1.29 million square feet is the second largest in Atlanta.
The building is of similar status to that of Boston’s Custom House (pictures left) which for some time has been the location of a part of the Marriott Group worldwide hospitality real estate portfolio. It was reported in the Atlanta Journal this weekend that David Cobb, president and chief executive officer of BentleyForbes has already had received interest in the project expressed by several global hotel groups.
The Plaza, which is also part occupied by offices of Bank of America has recently seen a downturn in occupancy from the normal 5% availability by up to 18%, and its understood that this is in part the reason for consideration for the change of use.
Date: Tuesday, September, 23rd 2008 @ 05:38:52 AMViews: 375
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