A significant real estate transaction in Atlanta has set the stage for a new flagship Marriott hotel. Monomoy Property Ventures and Axonic Capital have acquired the property at 590 West Peachtree Street. The plan is to convert the existing structure into a modern Marriott hotel, with an anticipated opening in late 2027. This project involves a major renovation and aims to enhance the hospitality offerings in downtown Atlanta.
Key Takeaways
- Monomoy Property Ventures and Axonic Capital acquired 590 West Peachtree Street.
- The property will be converted into a flagship Marriott hotel.
- The new hotel is expected to open in late 2027 following extensive renovations.
- Schulte Hospitality Group will manage the property.
- The project targets an elevated guest experience and market presence.
Strategic Acquisition and Repositioning
The acquisition of 590 West Peachtree Street represents a strategic move for both Monomoy Property Ventures and Axonic Capital. The property currently offers 462 guestrooms, described as oversized, along with more than 30,000 square feet of meeting space. These existing features provide a strong foundation for the planned hotel conversion.
Monomoy Property Ventures will lead the renovation efforts. The company is collaborating with a leading architect and design team to ensure the property meets Marriott's standards for a flagship hotel. This repositioning strategy aims to transform the asset into a premier destination in Atlanta's competitive hospitality market.
"This project aligns with Monomoy’s track record of acquiring high quality real estate in growing markets with creative repositioning potential," Kevin Vaughan, Founder and Managing Partner of Monomoy, stated regarding the acquisition.
Project Details
- Address: 590 West Peachtree Street, Atlanta
- Current Rooms: 462 guestrooms
- Meeting Space: Over 30,000 square feet
- Target Opening: Late 2027
Renovation Plans and Enhanced Guest Experience
The rebranded Marriott Atlanta will feature significant upgrades across all areas. This includes guestrooms, suites, and public spaces. The renovation also focuses on modernizing back-of-house systems. These improvements are designed to boost operational efficiency and deliver a better experience for guests.
New food and beverage concepts are also part of the plan. These additions will aim to provide diverse dining options for hotel guests and visitors. The goal is to create a vibrant atmosphere that attracts both business and leisure travelers.
Atlanta's Hospitality Market
Atlanta is a major hub for business and tourism in the southeastern United States. The city hosts numerous conventions, sporting events, and cultural attractions each year. Its growing economy and increasing visitor numbers make it an attractive market for hotel development and renovation projects. New, high-quality hotel options can help meet the demand from both corporate and leisure travelers.
According to Eric Sitman, Managing Director at Axonic Capital, the partnership is a strong strategic fit. "We are thrilled to partner with Monomoy to acquire this strategic asset that is primed for a repositioning and rebranding," Sitman commented.
Architectural and Management Partnerships
To oversee the extensive renovation, Cooper Carry has been selected as the project's architect. Cooper Carry will be responsible for all architectural, design, and engineering aspects of the conversion. This choice highlights the commitment to a high-quality transformation of the property.
Management of the new Marriott hotel will be handled by Schulte Hospitality Group. This group specializes in full-service branded hotels. Their expertise is expected to help maximize the asset's value and drive strong long-term returns on investment.
- Architect: Cooper Carry
- Property Manager: Schulte Hospitality Group
The hotel will integrate into Marriott's Bonvoy loyalty program. This program offers benefits to frequent travelers. A key feature will be a best-in-class "M-Club," providing exclusive services and amenities for elite members. The meeting and event spaces will also be revitalized, aiming to attract conferences and social gatherings.
Timeline and Market Impact
Construction work is scheduled to begin in late 2026. The hotel is expected to reopen its doors to guests in late 2027. This timeline allows for comprehensive upgrades and ensures the property meets the high standards associated with the Marriott brand.
Officials believe that with the planned renovations and its central location, the new Marriott Atlanta will become a leading destination for travelers and events in the city. The collaboration between Monomoy, Axonic, and Schulte Hospitality Group is anticipated to significantly improve the property's performance and market presence.
The project underscores a trend in the hospitality sector to revitalize existing assets in prime urban locations. By converting an established property, the developers aim to deliver a modern hotel experience while leveraging the site's inherent advantages, such as its proximity to key Atlanta attractions and business centers.
This development is also expected to contribute to Atlanta's economic growth by attracting more visitors and potentially creating new jobs in the hospitality sector. The investment in a flagship Marriott hotel signals confidence in the city's future as a major travel and business destination.
