The Hamilton Hotel, a luxury inn located in the heart of downtown, has new owners following a foreclosure sale that came years after it lost almost 25 percent of its appraised value.
The Hamilton was foreclosed on July 2 and sold at auction by Mayfair Street Partners for $41,981,183 to Peachtree Group, an investment firm with a portfolio that includes ownership and management of numerous hospitality assets.
The building’s appraisal value jumped from $10,292,500 in 2021 to $21,088,300 in 2022 before suffering a devaluation to $15,964,300 in 2023.
Greg Friedman, CEO and managing principal for Peachtree Group, said his firm intends to focus on stabilizing the hotel’s performance.
Opened in 2021, the 119-unit, 123,470-square-foot Hamilton is one of Hilton’s Curio Collection operation, a handpicked set of unique, high-end hotels that includes 160 properties across the world.
The Hilton brand and its downtown location, which includes 25-million square feet of office space and over 14-million square feet of retail space, made the Hamilton a sound investment, Charles Talbert, Peachtree Group vice president, said.
“The Hamilton Hotel boasts a prime location in downtown Alpharetta,” Talbert said. “The high costs and governmental barriers to constructing another hotel in a similar location enhance its competitive advantage.”
Mayor Jim Gilvin said the Hamilton has served as an important asset to the city and its downtown. He was pleased the hotel would continue as a destination for visitors.
The hotel’s location makes it ideal for visitors to experience all the heart of the city has to offer.
“As Alpharetta has become a hospitality destination with all the restaurants and entertainment venues and all the activities and events we hold downtown,” Gilvin said, “it was only fitting that we have a place for visitors who don’t live here.”
Janet Rodgers, CEO and president of Awesome Alpharetta, the city’s convention and visitors bureau, said the Hamilton has played an important role in the downtown, serving as an attractive lodging for visitors who appreciate walkability to shopping, dining, events and attractions.
“The Hamilton Alpharetta has become an integral part of the fabric that creates a vibrant downtown with its exceptional charm and sophisticated design,” Rodgers said.
