
Marcus & Millichap Brokers Sale of Raleigh Hotel
Marcus & Millichap has announced the sale of the 31-room Hampton Inn Raleigh-Capital Boulevard North. Hunter and McLean Hicklin of Marcus & Millichap had the exclusive listing to market the property. Ben Yelm, Marcus & Millichap’s Broker of Record in North Carolina, assisted in the closing.
“This sale was a testament to the strength and desirability of both the Raleigh market and the Hampton brand,” said Robert Hunter, senior vice president investments. “We were tasked with selling around inherent challenges, primarily shaky economic conditions, the cost of debt, inflated renovation costs and a sluggish recovery of corporate business drivers.”
The hotel is located at 3621 Spring Forest Road just south of Interstate 540 in northeast Raleigh, proximate to the Triangle Town Center. Constructed of concrete in 1999 on a 2.89 acre site, the five-story hotel offers guests a variety of amenities, including a business center, fitness center, complimentary breakfast, and an outdoor pool.
- ◦Sale/Acquisition