Capstone Development buys two N.C. hotels for $25M

Wheelock Street Capital sold its stake in two hotels in Raleigh and Cary, N.C., for $24.7 million to a Maryland-based hotel investment group that has been expanding its portfolio nationwide.

Capstone Development of Chevy Chase, Md., bought both the Homewood Suites by Hilton Raleigh Crabtree hotel off of Glenwood Avenue in Raleigh and the Hampton Inn Raleigh-Cary hotel off of Tryon Road in Cary.

The 137-room Homewood Suites hotel has been open since 1997, while the 129-room Hampton Inn hotel has been open since 1989.

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.


Wheelock purchased both properties in 2012 from Winston Hotels of Raleigh for a combined $24.4 million.