The new owners of the 12-story Holiday Inn hotel at the intersection of Glenwood Avenue and the I-440 Beltline in Raleigh are nearing the midway point of a nearly $8-million renovation of the 40-year-old property.
All 176 rooms of the hotel will be updated, and an exterior facelift will also take place, according to Manish Atma, president of Atma Hotel Group of Chapel Hill. Atma is part of the ownership group that acquired the property for $4.5 million in 2013. The property had undergone minor renovations and upgrades over the years, but nothing to this extent.
Atma said the renovation was necessary in order for the hotel to remain competitive along the Glenwood Avenue corridor near Crabtree Valley Mall. Right now, rooms at the Holiday Inn Raleigh-Crabtree Valley Mall are priced at around $95 per night while other hotels nearby are commanding $150 to $200 per night.
The nearby Marriott Crabtree hotel is also undergoing a major renovation and expansion. Across the highway, a new Hampton Inn & Suites hotel opened in 2013, and its sister property, a Hilton Garden Inn, opened to guests Monday.