SREE Hotels Acquires Embassy Suites Charlotte for $32M, Plans Multimillion Dollar Renovations
- May 18, 2015
Charlotte-based SREE Hotels LLC has purchased the 274-suite Embassy Suites Charlotte for $32 million from Texas-based publicly traded hotel REIT Felcor Lodging Trust. The buyer announced $8 million worth of comprehensive renovations and upgrades to the property.
Embassy Suites Charlotte’s amenities currently include 8,597 square feet of meetings and events space with the largest meeting room offering 5,148 square feet capable of accommodating up to 400 people; a business center; a 24-hour fitness center; an indoor swimming pool, whirlpool and spa; and the onsite Omaha Steakhouse restaurant. Suites feature two rooms, with separate living area, private bedroom, Wi-Fi, 32-inch LCD televisions and wet bar.
Renovations will target both the exterior and interior of the hotel, aiming to create a contemporary design unique to the Charlotte market. All guest suites will be upgraded, along with the meetings and events space, lobby and atrium, including a new F & B Outlet in the atrium space.
Located at 4800 South St., Embassy Suites Charlotte is proximate to Uptown Charlotte’s millions of square feet of Class A office space and Fortune 500 companies, as well the area’s business parks, home to Bank of America, Wells Fargo, NASCAR teams, Belk, Piedmont Natural Gas, Coca Cola, Siemens Energy, Belk and Compass Group. The hotel is also conveniently located to Charlotte Douglas International Airport and entertainment destinations such as the Charlotte Motor Speedway, Carowinds Amusement Park and the U.S. National Whitewater Center.
Charlotte-based SREE Hotels is a fully integrated hotel development management company with a portfolio of 26 hotels located in the Eastern United States, valued at $120 million. SREE is currently expanding its portfolio, having added five new assets in 2015.
Find further Charlotte market data here
Image credits: Embassy Suites Charlotte