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Jan. 17, 2013

Hampton Hotel Opens 11th, 136-Room, Property in Raleigh

by Adriana Pop, Associate Editor

Global hospitality brand Hampton Hotels announced the opening of the Hampton Inn & Suites Raleigh/Crabtree Valley. Located at 3920 Arrow Drive, on the site of the former Crabtree Inn building, the 136-room hotel is the 11th Hampton property in Raleigh.

Amenities include a business center, meeting space, a fitness center, 24-hour suite shop, an indoor heated swimming pool with outdoor sun deck, high-speed Internet and complimentary shuttle service to local businesses and Crabtree Valley Mall.

According to the Triangle Business Journal, Winwood Hospitality Group of Morrisville is the owner and operator of the property. In the first quarter of 2014, the company will also open a 160-room Hilton Garden Inn hotel next to the Hampton Inn & Suites Raleigh/Crabtree Valley property.

In December, the new Hampton Inn & Suites Raleigh Downtown opened at 600 Glenwood Avenue. The 126-room property is owned by Stewart Hotel Associates LLC and operated by Prime Investments LLC.

In regional news, Highwoods Properties, Inc. has announced the acquisition of two Class A office buildings in the Green Valley submarket of Greensboro. The 195,000 square feet portfolio commanded a combined sales price of $32.8 million, including $2 million for the near-term improvement of the buildings.

At an occupancy rate of 95.5 percent, the properties are expected to generate full-year 2013 net operating income of $3.1 million. About $0.2 million of expensed acquisition costs will be recorded in the first quarter.

Ed Fritsch, president and CEO of Highwoods, stated: “These buildings are two of Greensboro’s top office properties. They have been on our wish list for some time and are immediately accretive to FFO.”

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