JHM Hotels Buys Embassy Suites in Raleigh, N.C. for $22M
- Mar 13, 2015
by Adriana Pop, Associate Editor
The 225-key Embassy Suites Hotel near Crabtree Valley Mall in Raleigh, N.C. has a new owner.
According to the Triangle Business Journal, JHM Hotels of Greenville, S.C., paid $22 million to acquire the property from hotel owner and operator FelCor Lodging Trust. HREC Investment Advisors represented the seller.
Built in 1987, the Embassy Suites hotel at 4700 Creedmoor Road offers air-conditioned rooms with refrigerators and LCD televisions, along with a variety of amenities, including an indoor pool, a spa tub and a fitness center. Guests also have access to a business center, conference space, restaurant and bar/lounge.
The Texas-based company is planning to use the proceeds from this transaction, as well as those from the sale of the 536-room Westin-Dallas Park Central property, to repay outstanding debt. FelCor has also agreed to sell the 261-room Embassy Suites Hotel near the San Antonio airport for $29.5 million.
These transactions are in line with the company’s multi-year strategy to sell its “non-strategic” hotels from its portfolio. Since 2010, FelCor has divested 34 such properties for aggregate gross proceeds of $764 million. To date, there are six remaining non-strategic hotels to be sold.
JHM Hotels currently has 37 lodging facilities in its portfolio, including three Westin-branded hotels in Florida, Virginia and Maryland and two Fairfield Inn properties in Charlotte.
Photo credits: embassysuites3.hilton.com