Wednesday, June 15, 2011

Hotel Development will drive Northwest Development in 2011-12.

by Mike Flynn - Albany Realty Company - 229-883-6100
Hotel development will drive activity in the Northwest sector of Albany in 2011 and 2012. Two new projects are currently in the planning stages.

In February of 2011 Legendary Hospitality acquired 3.7 acres on Pointe North Blvd for $369,700. The developer is planning to construct a new 90 plus room Holiday Inn Express on the site with construction beginning sometime in late 2011 or early 2012.

Hallmark Hospitality and Management also has plans to construct a new 90 plus room Hampton Inn on property located at 2628 Dawson Road.

Southeastern Hospitality Management acquired the Albany Inn located at 2701 Dawson Road by a transfer of deed in lieu of foreclosure. The price for the property is believed to be in the $1-million range. The original structure was built in 1988 and the 4.7 acre site at the corner of Westover and Dawson is an ideal target for redevelopment. The owners have reopened the Albany Inn, but the question is when will that corner become more valuable for redevelopment.

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