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Hilton Atlanta Auctioned Off for $191M
The Hilton Atlanta, an expansive convention hotel in Downtown, sold recently at a foreclosure auction.
The Atlanta Business Chronicle reports Axonic Capital foreclosed on the Hilton, which was tied to a $218.8 million loan originated by Barclays Capital Real Estate Inc. Trinity Investments was the highest bidder, paying almost $191 million for the 1,249-room hotel. Axonic issued a $193.8 million loan to Trinity Investments, which matures in January 2026.
The Hilton’s previous owner was Haberhill LLC and partner Apollo Global Real Estate Management, which bought the hotel in 2015. The ownership secured the $218.8 million loan from Barclays in 2019. Axonic took over the loan in 2021.
Trinity Investments acquired the Hilton for just over $150,000 per key. In comparison, the 976-room Signia by Hilton Atlanta hotel, which opened last year next to the Georgia World Congress Center, was developed for more than $450,000 per key.
Published reports blame the pandemic for the hotel’s financial woes, especially hotels that relied on convention business.
- ◦Financing
- ◦Economy
