A big convention center hotel in downtown Atlanta has new ownership following a foreclosure auction earlier this month.
Honolulu-based Trinity Investments and New York-based Axonic Capital took ownership of the 1,249-room Hilton Atlanta with a $191 million credit bid at a foreclosure auction. The property is located at 255 Courtland St. NE and is one of the main convention center hotels in downtown Atlanta, connected by skybridges to the Atlanta Marriott Marquis and Hyatt Regency Atlanta.
According to CoStar data, Apollo Global Management and Haberhill are the previous owners of the Hilton Atlanta. Trinity and Axonic foreclosed on the property, which was tied to a $218.8 million loan that the two companies took over from Barclays Capital Real Estate in 2021.
CBRE is marketing the sale of the property, indicating that ownership of the Hilton Atlanta is likely to change hands once again.
In a recent interview with HNN's Bryan Wroten, Trinity Investments President and CEO Sean Hehir said the hospitality-focused real estate investor would be active in 2025, specifically seeking deals where the capital stack was formed prior to the pandemic.
“I think we would like to be a friendly source of rescue capital for that segment, in addition to our regular day job of buying, fixing, repositioning hotels,” Hehir said.
Trinity recently acquired the Fairmont Olympic Hotel, Seattle for $87 million in December and The Standard London for $217.3 million in November.
Apollo Global Management and Haberhill acquired the Hilton Atlanta in 2015 from Westmont Hospitality Group and Ivanhoe Cambridge Inc. for $145.89 million, according to CoStar data. The hotel was renovated in 2017.
In late 2023, the Signia by Hilton Atlanta Georgia World Congress Center opened in the city, adding 976 rooms to Atlanta's inventory. This hotel is owned by Georgia World Congress Center and operated by Hilton.
(Corrected on March 14 to update Trinity and Axonic's roles in the deal, the structure of the acquisition and CBRE marketing the sale of the property.)