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.

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

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