GoodHomes Eyeing 3 Triad Hotel Conversions

GoodHomes Communities is looking for more…more underperforming hotels to turn into apartments in the Greensboro, Winston-Salem, and High Point area. The company is currently planning to convert the former OYO Burlington Hotel South, located on Maple Avenue, into an apartment community called OYO GoodHomes, which will have 135 studio residential units. The company recently received a $9.41 million construction loan from Forman Capital. Units are expected to be available for $900 per month.

The Triad Business Journal reports the developer currently has two properties in the works in Fayetteville. The first is GoodHomes Bordeaux, a 255-unit apartment conversion of a former 298-room Ramada Plaza & Baymont Inn & Suites, which consists of two residential buildings connected by a 60,000-square-foot former convention center.

The other property is a former Clarion that is being turned into GoodHomes Cedar Creek, a 201-unit apartment community with one-bedrooms and oversized studio units. Both properties were acquired in June 2023 and are expected to be completed in the second quarter of 2024.