Patch Staff Report
CBRE Atlanta’s Fred Roddy, Lew Miller and Eric Ross have been
selected by the Cobb-Marietta Coliseum & Exhibit Hall Authority to land the perfect hotel fit to
accommodate the growth and success of the Cobb Galleria Centre.
The Cobb-Marietta Coliseum & Exhibit Hall Authority, owners and operators of Cobb Galleria Centre, Cobb Energy Performing Arts Centre and Galleria Specialty Shops, voted last month to hire two real estate brokers to market potential development projects on sites adjacent to the venues.
The Authority hired real estate broker CBRE to market the development of a hotel on-site at Cobb Galleria Centre. The Authority is seeking a ground lease for a full-service, 300-400 room hotel.
The Authority also hired veteran real estate broker John Speros, with
Ackerman & Co., to market for sale or a ground lease the 5-acre
property it owns adjacent to the Cobb Energy Performing Arts Centre
surface parking lot.
The Authority is seeking proposals for a mixed-used development. The Authority used reserve funds to purchase the property for $7.2 million in 2003 for potential future development opportunities. “This site has amazing visibility from both I-75 and I-285,” said Bob Voyles, chairman if the Cobb Galleria Centre. “We think it will be highly sought after for multi-family, office, and mixed use/retail.”
A hotel has been in the sights of the Authority for more than a decade, and was recently brought back to the table on the 20th anniversary of the Cobb Galleria Centre’s inception, after interest from major hotel chains.
“We believe this is one of the best sites in Cumberland for a larger hotel facility,” said Voyles. “Its proximity to the convention hall facility and the future connection to the Braves Stadium and mixed use complex offer an enviable combination of adjacent potential business and customers.”
The last full-service hotel to be developed in Cumberland was the Sheraton Suites in 1992, although over the past 20 years, the Centre’s major tradeshows and conventions have increased in size and attendance with some shows outgrowing the lodging options within walking distance.
“This new supply of rooms will change the dynamics of our group business by attracting more high impact conventions, with comfortable lodging options on site,” Walter F. Kiley, director of sales and marketing for the Authority, said in a news release. “We need this new, full-service property to keep pace with competitive cities and strengthen our convention business.”
The hotel will be attached to the Cobb Galleria Centre, a 320,000-square-foot, 88-acre high-end retail facility, and the Cobb Convention Center, with 20 meeting rooms and high speed internet. Guests will also be in walking distance of the 1 million-square-foot Cumberland Mall, Aker’s Mill and the Cobb Energy Performing Arts Centre.
The hotel industry has almost completely recovered from the lows of 2009, according to Smith Travel Research, and recovery is expected to continue through 2016.
“Now is the time to capitalize on the economic recovery of the hotel industry,” Voyles said in the release. “We are confident that the edition of the right hotel will add to the overall guest experience in and around the Cobb Galleria Centre. It will clearly enhance the competitive appeal of the facility and support the optimal use of the Centre.”
The goal of the Cobb-Marietta Coliseum & Exhibit Hall Authority, which oversees the Cobb Galleria Centre, is to enter into a ground lease rather than sell the property in which the hotel will be built.