HFF Brokers $44M Sale of Charlotte Hotel
- Sep 22, 2017
HFF announced the $44 million sale of the Crowne Plaza Charlotte Executive Park, a 300-key, recently renovated, full-service hotel in Charlotte, N.C. The HFF team worked on behalf of the seller. The buyer, Hospitality Properties Trust, purchased the asset free and clear of existing debt and is keeping the brand affiliation. Intercontinental Hotels Group is now the hotel’s manager.
Located at 5700 Westpark Drive, the Crowne Plaza Charlotte Executive Park hotel is in the south part of Charlotte, just off Interstate 77. The asset is less than six miles from Charlotte Douglas International Airport, SouthPark and Uptown Charlotte.
Multimillion dollar renovation
Crowne Plaza Charlotte Executive Park opened in 1983 and completed a major renovation in 2014, which upgraded all aspects of the property, including guest rooms, public areas, the hotel’s 15,500 square feet of meeting space, restaurant and bar. Additionally, the 18-story hotel features a fitness center, indoor and outdoor pool, business center, sand volleyball court and complimentary airport shuttle.
“The hotel’s exceptional quality, Charlotte’s rapidly growing economy, strong year-round room night demand and flourishing lodging fundamentals supported a very attractive investment opportunity,” said HFF Charlotte Director Chris Lingerfelt, in prepared remarks.
The HFF investment sales team representing the seller included Lingerfelt and Senior Directors Cyrus Vazifdar and Brent Bowman.
Images courtesy of Intercontinental Hotels Group website