CBRE Hotels Sells Two Hotels in North Carolina

Charlotte, North Carolina – October 10, 2013 – CBRE Hotels recently sold two hotels in North Carolina in separate transactions: the Southpoint Hotel, formerly the Four Points by Sheraton, in Durham and the Holiday Inn Express Hotel and Suites in Concord. Arpit Shah, Vice President for CBRE Hotels in Charlotte, oversaw the transactions. 

The 98-room Southpoint Hotel, formerly the Four Points by Sheraton,  is located at 7807 Leonardo Drive in Durham, North Carolina proximate to the Streets at Southpoint Mall. The hotel was owned by a joint venture between Peachtree Hotel Group and Argosy Real Estate and was purchased by an affiliate of Raleigh-based Summit Hospitality Group, Ltd. on September 19, 2013. Summit will manage the hotel and plans to affiliate the hotel with a premium franchise following an extensive renovation. 

The 81-room Holiday Inn Express Hotel and Suites, located at 2491 Wonder Drive in Concord, North Carolina, sold on October 1, 2013. The hotel was owned by Charlotte-based Beacon Investment Management Group and purchased by HIEK Holding LLC. “The acquisition was a perfect fit for the advancement of our investment platform,” notes Brian Patrick Martin, President of BPM & Company, Inc., the asset manager and managing principal of the investment. The hotel will undergo approximately $500,000 in PIP oriented improvements and will be managed by Chicago-based Associated Hotels, LLC.


CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 37 offices across the globe. For more information, please visit our website at www.cbrehotels.com


About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.