Hotels on Hanes Mall Boulevard turned over for $30.3 million; Home2 Suites, Springhill Suites Latest Properties Sold | Local
Two hotel properties off Hanes Mall Boulevard – Home2 Suites Hotel by Marriott and Springhill Suites by Marriott – have been purchased for the second time in four years.
A Huntersville hotel management group associated with Vallabhbhal Patel, 1102 South Tryon LLC, paid $30.35 million for the properties.
The group paid $16.83 million for the Home2 Suites property at 1010 Marriott Crossing Way.
This hotel, which opened in February 2018, is located on 2.19 acres and contains 91 hotel rooms.
The group paid $13.35 million for the Springhill Suites site at 1015 Marriott Crossing Way.
This property, which opened in 2009, consists of 95 hotel rooms on a 2.43-acre site.
For comparison, in September 2018 BVWM Groups paid $14 million for the Home2 Suites property and $11.5 million for the Springhill Suites property.
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Home2 Suites and Springhill are part of a four-mile section of Hanes Mall Boulevard that contains 14 hotels and 1,554 rooms.
The hotel sales are the latest in a string of Winston-Salem hotel deals over the past year.
In March, the Microtel property off Hanes Mall Boulevard was sold for $3.3 million to hotel group Charlotte 4 Jugari LLC, a subsidiary of Laxmi Hotels Group LLC.
In December, a Denver commercial and multifamily real estate group paid $16.1 million to purchase the DoubleTree Hotel property at 5790 University Parkway. The hotel is part of the Hilton chain near Wake Forest University. It has 150 rooms and the Providence restaurant.
The buyer was 5790 University Hotel LLC, which shares the same address as Allante Properties.
In November, the Baymont by Wyndham hotel property at 200 Mercantile Drive was purchased for $3.2 million by Samdeep Hospitality Group LLC of Winston-Salem.
In September, two vacant lots off Hanes Mall Boulevard that abut Interstate 40 were sold for a total of $1.2 million to affiliates of hotel development and management company High Point BPR Properties.
This purchase was for a vacant 1.27 acre lot listed at 4612 Hanes Mall Blvd. and a 0.89 acre vacant lot listed as 3945 Oxford Station Way. The properties are immediately west of Conn’s Home Place retail store.
Hanes Mall Boulevard contains 15 hotels and over 1,650 rooms.
“The Winston-Salem/Hanes Mall area is an attractive and healthy submarket, relative to room occupancy and room rental rates,” said Raymond Collins of Collins Commercial Properties Inc. of Winston-Salem. Salem.
“It has been stable on a continuum, supported by two regional hospitals, the presence of I-40 and US 421 in the direction of access, and the many surrounding businesses in the area.”
Local tourism officials and industry analysts agree that a more dreamlike approach is realistic and sustainable for the local hotel market, even in a hotel industry prone to ups and downs.