Apartment builder Alliance Residential has purchased the Homewood Suites by Hilton Atlanta-Galleria/Cumberland for $16.65 million. The Atlanta Business Chronicle reports the Carlyle Group is also involved in the deal.

The seller of the hotel was Atlanta-based Artemis Hotel Group. The group bought the property in May 2024 for $12 million. In a LinkedIn post, the company said this was an 18-month hold that began as an off-market acquisition from an Institutional seller and concluded with a sale to a multifamily developer, validating both the basis and the underlying land value of the asset. Deal highlights include a 23.52% IRR and a 1.5X equity multiple.

Alliance will construct 300 apartments on the site with a mix of one- and two-bedroom units. There will be a saltwater pool, a fitness center and other amenities. Homewood Suites had 124 rooms and was built in 1990.