Anglo Irish Bank finances $71.4 million Atlanta hotel acquisition.

Anglo Irish Bank, Dublin, Ireland, has finalized $71.4 million in financing for the acquisition and renovation of the Sheraton Colony Square hotel in Atlanta.

Noble Investment Group, Atlanta, and its joint venture partner, AEW Capital Management LP, acquired the hotel on behalf of AEW Partners V LP, the fifth in AEW's series of real estate opportunity funds.

"The team at Anglo Irish Bank has been great to work with," said Marc Davidson, portfolio manager for the AEW Partners Fund. "They have been very flexible in meeting our needs on this complex redevelopment, and their responsiveness has made the process streamlined and painless."

The hotel will be completely renovated over the next year, and will reopen as a W Hotel in late 2007. The 28-story, 462-room hotel is located in the center of Midtown Atlanta at the corner of Peachtree and 14th streets, according to Tony Campbell, president and chief executive officer of Anglo Irish Bank's North America operations.

"We look forward to working closely with these two high-caliber sponsors in the financing and renovation of the future W Atlanta-Midtown," said Campbell. "The sponsorship, combined with the excellent location and asset quality, were key factors in our decision to support this deal."