ATLANTA--(BUSINESS WIRE)--Beltway Investment International, Smart Hotels and Hospitality Ventures Management Group (HVMG), today announced a joint venture to develop the first hotel on the phenomenally successful Atlanta BeltLine, a project that has changed Atlanta to a city that can be explored on foot and by bike. The $30 - 35 million project will be in one of Atlanta’s most dynamic neighborhoods, the Old Fourth Ward (O4W), just minutes from downtown. The 140-room, high-end boutique hotel, located on the corner of Irwin Street and Auburn Avenue, will have direct access to the Atlanta BeltLine’s Eastside Trail and be within walking distance to the Martin Luther Jr King Historic Site, Krog Street Market and the Inman Quarter. The planned boutique hotel design will draw from O4W architecture and be locally inspired by the in-town neighborhood’s urban setting, culture, community, art and entertainment. Excellent guest service and exceptional design, coupled with locally inspired food and beverage, will be the hallmarks of the Atlanta BeltLine’s first hotel.
The Old Fourth Ward, a historic Atlanta neighborhood, manufacturing district and birthplace of Martin Luther King Jr. has become the highly desirable epicenter of Atlanta old and new. The hotel site is adjacent to Studioplex, one of the City’s earliest and most successful adaptive reuse renovation projects (housing 130 contemporary urban live and workspaces). Originally purchased and developed by the Historic District Development Corporation (founded in 1980 by Coretta Scott King to preserve, revitalize and maintain diversity in the Martin Luther King Jr. National Historic District) in 2000, Studioplex, an Atlanta landmark, is the inspiration for the hotel’s design - creating a luxurious property with an industrial aesthetic.
The Atlanta BeltLine is a sustainable redevelopment project consisting of a network of multi-use trails, public parks and transit alongside a 22-mile railroad corridor. Circling downtown Atlanta, the Beltline directly connects 45 Atlanta in-town neighborhoods. Since 2005, the BeltLine has spurred $2.4 billion in new private development from mixed-use, commercial, retail and shopping to dining, entertainment and residential.
“The Old Fourth Ward and the Atlanta BeltLine project are successful national achievements in urban redevelopment," said Christopher Plockelman, managing director of Beltway Investment International. "The only thing missing from this multi-dimensional effort is a hotel that reflects the area's history and provides an original and unique vision for Atlanta’s future. The boutique hotel will be a fully-integrated exclamation point on the BeltLine, the first choice hotel for travelers and a social centerpiece for residents and the community."
Located at Auburn Ave. and Irwin St., the boutique hotel will feature a rooftop bar with expansive views of the city skyline, two distinct restaurants and, as a nod to Atlanta's growing reputation as a film and television location, a screening room. Early specifications indicate the hotel also will feature an eating, drinking and shopping promenade facing the Beltline, an underground parking garage and approximately 3,500 square feet of event and meeting space.
"Nearly two million people visit this dynamic neighborhood every year for shopping, dining recreation and visiting the Martin Luther King, Jr. Historic Site, and with development continuing in the surrounding blocks and the anticipation of an extension of the Eastside BeltLine Trail, we see a ready-made and growing market for this hotel," said Mary Beth Cutshall, senior vice president acquisitions and business development for HVMG. "The restaurants and retail promenade will ensure that the boutique hotel is an enhancement to the local quality of life, as well as a convenient, stylish, and authentic destination for visitors."
Cutshall added that the permitting process will begin immediately and that they hope to break ground in the second quarter of 2016. The estimated completion date will be the end of 2017. Two Old Fourth Ward-based firms will collaborate on the hotel design. Surber, Barber, Choate + Hertlein Architects (SBCH) are the lead architects with Square Feet Studios as the interior designers.
“The hotel with the O4W neighborhood as its backdrop, Downtown Atlanta and some of the city’s other unique neighborhoods at its doorstep, will provide discerning Atlanta visitors with an opportunity to experience the unique charms of authentic Atlanta,” Plockelman added. “We saw an opportunity in the Atlanta market as it lacks unique independent boutique hotels to cater for the many creative and independent minded travelers that flock to the city. Atlanta has a great local character and culture, and we wanted make that accessible to visitors.”
About Beltway Investment Group
Beltway Investment International (BII) is an Atlanta initiative of a boutique development firm that focuses on projects in emerging equity growth markets with products that raise the standards for design and development methodology in local markets. Specifically, BII’s developments benefit from both market equity appreciation and substantial forced equity increases during their hold period. BII’s primary market is geographic areas that are targeted for urban regeneration that evolve into future job growth both in North America and Europe. BII’s development design focuses on embracing the local market with live, work, play communities.
About Smart Hotels
SMART Hotels LLC is a developer of hotels and mixed use projects at universities, medical centers and dynamic urban locations. Smart Hotels are designed to complement and enhance each unique location with signature style and environmentally-sound solutions.
About Hospitality Ventures Management Group
Hospitality Ventures Management Group is a privately owned, fully-integrated hotel investment and management group that specializes in turning around and repositioning underperforming hotels, as well as maximizing the performance of stabilized hotels. It currently operates 32 hotels in 15 states totaling 6,754 guest rooms. HVMG develops, owns, and operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hilton, Marriott, Hyatt, and IHG brands. Visit www.hvmg.com for more information.