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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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

Suggested Articles

Should all new hotels open as scheduled in the next two years, Europe's current count of 2,885,630 guestrooms will grow 7 percent.

The Meliá Varadero Internacional Hotel's first rooms opened in February, and new services and facilities have soft-opened since then.

A new report shows an uptick in the value of mixed-use property deals in H1.