Crowne Plaza Charlotte Executive Park Courtesy HFF
Crowne Plaza Charlotte Executive Park Courtesy HFF

Development

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Development

Charlotte hotel fetches $44 million in sale

September 26, 2017 07:08 AM

The 300-room Crowne Plaza Charlotte Executive Park hotel was recently sold for $44 million, brokerage firm HFF said last week.

The property had been owned by a company affiliated with New York-based PIMCO. Real estate records show a company affiliated with Hospitality Properties Trust bought the hotel, which opened in 1983 and underwent a major renovation in 2014. The hotel will keep its brand will be managed by Intercontinental Hotels Group.

The 18-story hotel is at 5700 Westpark Drive, off Interstate 77. Chris Lingerfelt, Vazifdar and Brent Bowman of HFF represented the seller. The transaction closed in late August.

“Crowne Plaza Charlotte was heavily pursued by a multitude of national and regional capital sources,” Lingerfelt said in a statement. “In addition, the hotel’s exceptional quality, Charlotte’s rapidly growing economy, strong year-round room night demand and flourishing lodging fundamentals supported a very attractive investment opportunity.”

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Ely Portillo: 704-358-5041, @ESPortillo