Atlanta-based Apsilon Hotels LLC has acquired the Dolce Atlanta-Peachtree Hotel and Resort for $9 million, ending a two-year search for a buyer.
The Peachtree City resort complex, which sits between Aberdeen Parkway and Hwy 74 ,will be refurbished and renamed the Crowne Plaza Atlanta-Peachtree Conference Center. The deal closed last Wednesday.
The Dolce facility which is near the upscale shopping district known as The Avenue will use its original name - Aberdeen Woods Conference Center - for the next three months and then assume the Crowne Plaza name after that.
“We feel it’s a great opportunity to renovate the property and bring it up to standards,” said Bob Patel, senior vice president of operations at Apsilon. Patel said the new property will pair will with the Hilton Garden Inn which is next door and is another Apsilon property.
The resort-conference center complex will undergo between $9 million and $10 million in renovations over the next year and a half. In addition, Apsilon plans to hire another 25 employees, bringing the total workforce to about 150, Patel said.
Dolce has been looking for a buyer for about two years. It purchased the former Aberdeen Woods Conference Center in 2007 for $30 million, just before the real estate market tanked. Its current fair market value is a little more than $8 million.
Earlier this year, the resort was part of a bitter feud between Peachtree City residents and Great Wolf Lodge, a Madison, Wisc.-based water park resort chain that wanted to put a water park at the site. That proposal was defeated.
Apsilon also has properties in Atlanta, St. Mary’s, Bremen, Fairburn, Douglasville, Lithia Springs, Forest Park and Hapeville.
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