The News Observer reports that the new owner of the Clarion Hotel in downtown Raleigh, N.C., plans to convert it back into a Holiday Inn and invest millions renovating the interior and exterior.
Miami-based Sound Hospitality Management acquired the 202-room hotel for $9.35 million last week and expects to complete the makeover in the next nine to 12 months. Plans call to close one floor at a time while the improvements are made. The company’s investment in Raleigh fits into Sound’s strategy of buying, and holding for long periods, medium-priced hotels in growing markets, Ben Castera, the company’s president, told the News Observer.
Sound’s portfolio also includes three hotels in Florida, two in Arlington, Va. and one in Columbus, Ohio.