Jai Amba Maa Hospitality Gso Airport has sold the Four Points by Sheraton Greensboro (N.C.) Airport hotel, a 112-room property at 7619 Thorndike Rd., to Banks Rock for $11.75 million. Rick Redmond, David Greenberg, Gabriel Shamay and Chris Passeggiata of Cushman & Wakefield represented the seller. Other terms were not disclosed.
“Our team fielded multiple offers and were able to identify an out of state 1031 buyer. We successfully walked them through the process of acquiring their first Marriott property,” said Redmond, a Director of Hospitality at Cushman & Wakefield.
Four Points by Sheraton Greensboro Airport was originally built as a Comfort Suites in 1997 and was acquired by Jai Amba Maa Hospitality GSO Airport in August 2017. After a $3+ million dollar renovation that took over a year, the hotel was converted to a Four Points by Sheraton and joined the Marriott family of hotels in November 2018. The hotel has an on-site restaurant, a fitness center, business meeting space, outdoor pool and a free airport shuttle to the Piedmont Triad International Airport only a few miles away.
“This sale is a testament to high investor demand for quality assets in the Carolinas, evidenced by the fact that we produced multiple out-of-state offers,” Redmond added. “Despite economic uncertainty and the challenging financing environment last year, our team is optimistic that 2024 will continue to show a strong buyer demand in hotel assets, particularly in the Carolinas—where a surplus of demand generators and surging population growth has produced unlimited opportunities for investors.”