A year after the death of his father, John Henry “Jack” Johnson, an entrepreneur who ran a hardware store on the outskirts of Atlanta, moved his family to a five-bedroom house in Atlanta.
He opened up a small hardware store and later sold it for $40 million to a Chinese conglomerate.
He built the hotel in 1995, when Georgia was still considered a relatively undeveloped market.
The building was a showcase for what was happening on the east side of Atlanta.
The hotel was an architectural gem and an important part of the city’s identity.
In 2001, a Chinese consortium bought the property, renamed the complex “Tashan” and renovated it into a hotel and shopping center.
In 2011, a group of Chinese investors bought the hotel for $1.4 billion and added luxury suites and a restaurant.
Today, it sits on the cityscape and is home to Georgia’s largest restaurant chain, KFC, as well as the state’s largest bank, the Georgia Tech Bank.
The company’s Atlanta headquarters is located on the third floor of the complex.
In 2015, the company was purchased by a consortium of Chinese companies led by CITIC Capital.
The deal was announced in March of that year and was announced just days before the state of Georgia’s bankruptcy.
The Georgia Tech Banks Association, the state agency charged with overseeing the Georgia Technology Center, was notified of the deal just days after the transaction was completed.
The bank is now a subsidiary of CITC Capital.
“The Chinese consortium that bought Tashan will have a stake in the property,” said Jeff Wiese, the group’s executive director.
“It will be an asset in the Tashans portfolio, not just in terms of the company, but in terms for the region as a whole.”
Wiesee, however, stressed that the group will not be acquiring the property.
“We’re not buying the property itself,” he said.
“In the long term, this will be something that will continue to grow with the growth of the Atlanta region.
We’re focused on what we can do with that property and we’re focused upon creating the next generation of economic development.”
In the end, the Chinese consortium, which also includes state-owned enterprises, has agreed to buy the property for $4.7 billion.
Wiesi said the transaction has generated some initial excitement about the Tachan complex.
“I think the Chinese government will be pleased with the transaction,” he added.
“This is a real positive outcome for the city.”
In January, the American Chamber of Commerce announced it had hired a consultant to conduct an economic analysis of the project.
The group’s analysis, commissioned by the Chinese state-backed consortium, has been released.
It suggests that the project will generate $6.7 million in new revenue for the state, which is expected to create an additional 2,200 jobs.
The report also suggests that Tashacan will create about 5,000 new jobs for the Georgia economy over the next 25 years.
“As the Tackan project proceeds, the economic benefits will continue, but it is important to keep in mind that Tachacan is only the beginning of the story for the Atlanta-Sandy Springs region,” the report says.
“There are many opportunities for Georgia to grow and develop as a hub for new jobs and economic activity.”
The report is expected by the end of this year.