Georgian Terrace hotel sold for $61 million

A Virginia real estate firm has acquired Atlanta’s venerable Georgian Terrace Hotel and surrounding property for $61 million, the company said Tuesday.

Sotherly Hotels said it acquired the 326-room hotel, a parking deck and an adjacent parcel for future development. The property will be managed by hotel company Chesapeake Hospitality.

The Georgian Terrace was built in 1911, and it hosted the premiere party for Gone with the Wind stars in 1939 after its initial showing at the Lowe's Grand theater. The property at Peachtree Street and Ponce de Leon Avenue is directly across the street from the Fox Theater. The hotel is also on the National Register of Historic Places.