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Driftwood Capital Acquires New Boutique Hotel in Atlanta’s Old Fourth Ward
Driftwood Capital has acquired The Wylie Hotel, 111-key boutique hotel in Atlanta’s historic Old Fourth Ward neighborhood. The property, which opened in May 2021, is the only independent boutique hotel in Midtown’s office and lodging market.
“This was an exceptionally rare opportunity to purchase an institutional-quality, unencumbered independent hotel asset, in a submarket of Atlanta with high barriers to entry and tremendous demand drivers, at an attractive basis,” said Johannah Rodriguez, managing director of acquisitions with Driftwood Capital.
The Wylie Hotel is the result of the revitalization and expansion of 551 Ponce, a 1920s-era hotel. The renovation of the original historic structure created a glass-enclosed sunroom on the first floor along with a second-floor outdoor terrace and 11 restored guestrooms. A five-level addition to the rear of the historic building added another 100 guestrooms with those on the fifth floor enjoying private terraces.
- ◦Sale/Acquisition
