What's Happening?
Monomoy Property Ventures and Axonic Capital have acquired 590 West Peachtree Street in Atlanta, currently operating as Crowne Plaza Atlanta Midtown, with plans to convert it into The Marriott Atlanta.
The property will undergo a significant renovation led by Monomoy and a top-tier design team, transforming it into a flagship under the Marriott Hotels brand. Schulte Hospitality Group has been selected to manage the property. The renovation will include upgrades to guestrooms, suites, public spaces, and back-of-house systems, with construction expected to begin in late 2026 and reopening targeted for late 2027.
Why It's Important?
This acquisition and planned conversion represent a strategic repositioning in Midtown Atlanta, a vibrant area with strong hospitality market potential. The transformation into a Marriott flagship is expected to enhance the property's appeal to modern travelers and deliver exceptional value to investors. The project aligns with Monomoy's strategy of acquiring and repositioning assets in high-growth markets, potentially boosting local economic activity and tourism. The involvement of Schulte Hospitality Group, known for its expertise in branded full-service hotels, is likely to elevate the property's performance and strengthen its market position.
What's Next?
The renovation will include comprehensive upgrades to meet Marriott's brand standards, with Cooper Carry leading architecture, design, and engineering. The project is set to begin after Atlanta's World Cup events, with reopening planned ahead of Super Bowl LXII. The property's integration into the Marriott Bonvoy loyalty program and introduction of innovative food and beverage concepts are expected to attract a diverse clientele, enhancing its competitive edge in the hospitality market.
