HFF announces $44M sale of Crowne Plaza Charlotte Executive Park hotel
CHARLOTTE, NC – September 20, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $44 million sale of the Crowne Plaza Charlotte Executive Park, a 300-room, recently renovated, full-service hotel in Charlotte, North Carolina.
The HFF team marketed the property on behalf of the seller. Hospitality Properties Trust purchased the asset free and clear of existing debt, is keeping the brand affiliation and has engaged Intercontinental Hotels Group to manage the hotel.
Crowne Plaza Charlotte Executive Park opened in 1983 and completed a multimillion dollar renovation in 2014, which upgraded all aspects of the property. Upgrades included guestrooms, public areas, the hotel’s 15,500 square feet of meeting space and three-meal restaurant and bar, the Food for Thought Restaurant and Bar Splash Bar. Additionally, the 18-story hotel features a state-of the-art fitness center, indoor/outdoor pool, business center, sand volleyball court and complimentary airport shuttle. Located at 5700 Westpark Drive, the Crowne Plaza Charlotte Executive Park hotel is in the south part of Charlotte just off Interstate 77, which runs from Cleveland, Ohio, to Columbia, South Carolina, and is less than six miles from Charlotte Douglas International Airport, SouthPark and Uptown Charlotte.
The HFF investment sales team representing the seller included director Chris Lingerfelt and senior directors Cyrus Vazifdar and Brent Bowman.
“Crowne Plaza Charlotte was heavily pursued by a multitude of national and regional capital sources,” Lingerfelt said. “In addition, 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.”
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a North Carolina licensed real estate broker.
About Hospitality Properties Trust
Hospitality Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and travel centers located in 45 states, Puerto Rico and Canada. HPT's properties are operated under long term management or lease agreements. HPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, Massachusetts. For more information, visit hptreit.com.
About Intercontinental Hotels Group
IHG® (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organization with a broad portfolio of hotel brands, including InterContinental® Hotels & Resorts, Kimpton® Hotels & Restaurants, Hotel Indigo®, EVEN® Hotels, HUALUXE® Hotels and Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn®, Holiday Inn Express®, Holiday Inn Club Vacations®, Holiday Inn Resort®, Staybridge Suites® and Candlewood Suites®.
IHG franchises, leases, manages or owns more than 5,200 hotels and nearly 780,000 guest rooms in almost 100 countries, with more than 1,500 hotels in its development pipeline. IHG also manages IHG® Rewards Club, its global loyalty program, which has more than 100 million enrolled members.
InterContinental Hotels Group PLC is the group’s holding company and is incorporated in Great Britain and registered in England and Wales. More than 350,000 people work across IHG’s hotels and corporate offices globally.
Visit ihg.com for hotel information and reservations and ihgrewardsclub.com for more on IHG Rewards Club. For the latest news, visit: ihgplc.com/media and follow them on social media at: twitter.com/ihg, facebook.com/ihg and youtube.com/ihgplc.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.