InterContinental Hotels Group has sold its 422-room InterContinental Buckhead Atlanta property to Pebblebrook Hotel Trust for US $105 million.
Pebblebrook, a Bethesda, MD-based hotel REIT, funded the purchase with cash from its December initial public offering.
The 725,571-square-foot hospitality building has 21 stories at 3315 NE Peachtree Road in the Upper Buckhead submarket of Atlanta.
The luxury hotel has a AAA Five Diamond rating and caters to leisure, corporate and convention travelers to the upscale, uptown district.
The REIT plans to invest $7 million in capital improvements to guestrooms, meeting space and public areas immediately and continuing through 2013.
Last year, the property ran at nearly 68 percent occupancy with an average daily rate of about $156.
