Virginia Oceanfront Hotels|"Marriott Hotels Sold To Raleigh Investors"

Source              : bizjournals.com
Category        :  Virginia Oceanfront Hotels
By                  :  Amanda Jones Hoyle
Posted By     :  Hotels in Virginia Beach South Courtyard

Virginia Oceanfront Hotels

It’s looking like hotel properties across the Triangle are starting to become a hot item again for real estate investors. In addition to the recent $26 million sale of the Raleigh Marriott Crabtree on Glenwood Avenue, two more Raleigh hotel owners and operators, Summit Hospitality Group and Concord Hospitality Enterprises, have each added another Triangle property to their portfolios in the past couple of weeks. A subsidiary of Summit Hospitality, led by President Doyle Parrish, has paid $7.25 million for the Four Points by Sheraton Durham hotel near The Streets at Southpoint mall in south Durham, according to Durham County deed records. The Four Points by Sheraton property opened in 2005 with 98 guest rooms. In north Raleigh, Concord Hospitality Enterprises, led by President and CEO Mark Laport, has paid $14.8 million for the 109-room Courtyard by Marriott hotel that opened near Triangle Town Center mall in 2010. Concord Hospitality’s hotel management arm has also been hired to take over management of the Raleigh Crabtree Marriott in Raleigh that is also under new ownership.

Source : bizjournals.com/triangle/news/2013/10/07/hotels-hot-again-sheraton-marriott.html