Legacy Ventures, with the support of The Plasencia Group, has closed the sale of The American Hotel to The RADCO Companies (RADCO). Legacy Ventures acquired the 315-key 50-year-old hotel in 2015 and undertook an innovative $16 million dollar renovation and repositioning to embrace the property’s rich history. The newly-concepted American Hotel, a Double Tree by Hilton, debuted in 2017 and showcased mid-century modern design alongside first-class service and amenities. The American is located in the heart of Downtown Atlanta, proximate to some of the city’s biggest demand generators, including the Georgia World Congress Center, Centennial Olympic Park, Georgia Aquarium, State Farm Arena, Mercedes-Benz Stadium, and the Peachtree business corridor. Legacy Ventures Hotel and Restaurant Management teams were selected by RADCO to continue the operations of the hotel and its food and beverage.
“It has been a career highlight restoring the historically significant American Hotel. Now under RADCO’s ownership, Legacy Ventures will continue as the property’s hotel and restaurant managers. Legacy Ventures is geographically diversifying but we will continue to be headquartered and engaged in downtown Atlanta, where we own and manage multiple other hospitality assets,” said Legacy’s Founder & President David Marvin.
RADCO, an Atlanta-based investor focused on opportunistic real estate, recently re-entered the hospitality market and plans to upbrand the hotel under the Tapestry Collection by Hilton flag.
“We are pleased to be associated with RADCO and this great hotel as we look forward to expanding on the hotel’s identity including enhancing its historical significance in the City of Atlanta. With the rebranding to Tapestry Collection by Hilton, the hotel will receive a soft goods renovation which will help to take it to the next level.” said Kevin Richards, COO Legacy Ventures – Hotels.
As Legacy Ventures enters its third decade in business, it celebrates both its past and its future. Legacy Ventures will embrace its entrepreneurial, community and creative underpinnings as it continues to grow.
LEGACY VENTURES | Legacy Ventures, founded in 1994, is a best-in-class hospitality investment, development, and management company. Legacy Ventures’ management portfolio focuses on full-service hotels and restaurants in city-center, suburban, and resort markets, and has a proven record of success in ground-up development, repositioning, and value-add opportunities. Legacy Ventures delivers exceptional guest experiences through an engaged and passionate team, yielding measurably better results for owners, partners, and investors. For more information, please visit www.lvmgt.com or [email protected] or (404) 222-9100
THE RADCO COMPANIES | RADCO was founded in 1994 with the mission of “Building Better Living.” Based in Atlanta, RADCO is a national real estate company that specializes in the acquisition and redevelopment of value-add multifamily and hospitality investments across the Southeast and Central US. Over the past 10 years, the firm has acquired and invested in approximately 30,000 units in 15 markets and completed more than 100 deals totaling $3.2 billion. For more information, please visit https://radco.us/.
THE PLASENCIA GROUP | The Plasencia Group is a full-service lodging investment advisory firm offering transaction services, capital markets, asset management and development management consulting services to its clients throughout North America. The firm has completed hundreds of engagements since it was founded in 1993. For more information, please visit www.tpghotels.com