Doug Sams over at the Atlanta Business Chronicle has the deets on the transformation of the Hotel Midtown (nee Wyndham Midtown Hotel) into that sub-market’s first lodging under the Hyatt name. Atlanta-based Noble Investment Group acquired the property in November 2011 for $15,000,000 and plans on investing another $21,000,000 in renovations, with opening of the newly branded digs planned for early 2013. Neither renderings nor specifics have been released yet, but if a previous owner’s comments are to be believed, they’ve got some serious work ahead of them.
Before experiencing foreclosure in July 2011, the 1987 hotel was held by none other than John Dewberry; he intended the asset to be the first in his fledgling hotel portfolio, the Dewberry Hotel Company. Its purchase in 2003 was also part of his vision for the long-awaited Midtown Square development that may one day materialize on the land he owns at 10th and Peachtree Streets. Alas, things took a turn for the worse and the Dew drudged through two years of loan modification talks before rejecting the final offer by CW Capital. His reasoning? The investment required to remedy “suspect original construction” didn’t fit in with the economic model of his hotel brand. Shoddy building quality from the 1980s? Say it ain’t so! With Noble willing to invest where Dewberry wasn’t, hopefully guests won’t have to worry about the roof coming down any time soon.