THE W HOTEL RESIDENCES DOWNTOWN

OK, so The W Hotel Residences were shelved for a long time.   The good news is that they have been on sale now since around the start of 2012.    An Investment firm purchased both the Hotel (237 keys) and the 74 luxury condos out of foreclosure.       The good news is that this firm paid cash, and now has no debt.   Often times when I look at condo deals getting off the ground and going to market I am weary of developers with a lot of debt.       Buildings like The Element, Aqua, and others have had issues selling out when the Developer carries a lot of debt.     With this building even though current buyers are buying in early in the buildings sales cycle the prices have but cut down to $250 to about $300 per square foot. from the original $400-500 expected from the original developer.    Compare this to the Miami W which I wrote about last month after staying in one of their suites.     The property there starts at about $1100 a square foot, and only goes UP from there!

The W,  as a debt free property, offers some great opportunities for both investors and those seeking a highly distinguished condo property downtown.    It is pretty well known that the W Downtown has probably the best Hotel pool scene in all of Atlanta.   Incrementally, Drink Shop and the Living Room offer great places for drinks and downtime right in the building.    Round the building out with BLT Steak right downstairs and you have a tremendous ecosystem at your disposal.     The Building also has continuous access to the W Concierge staff.

As an Investment the three two bedrooms that have leased in the FMLS system have all leased for $3500-3900.   So on investments of high $300k to $400k those investors are making out well.         Currently 1 bedrooms are starting at $206,900 and two bedrooms start in the low $400k range.

If you are seeking more information on the W Hotel Residences then please contact me today!