The Comfort Suites in Cary, N.C., will be repositioned to an extended-stay Hilton-branded hotel following its recent sale, which was facilitated by Marcus & Millichap.
The 122-room, five-story hotel was built in 1999 and renovated in 2019. Amenities include complimentary breakfast, an indoor heated pool, fitness center, business center, meeting space and guest laundry.
The hotel is within five miles of Raleigh-Durham International Airport and near Research Triangle Park as well as several major employers, including SAS Institute and Epic Games. The property is also within driving distance of Duke University, the University of North Carolina at Chapel Hill and North Carolina State University.
“We ran a competitive process and identified a local developer planning to convert the property into an extended-stay Hilton asset,” Jack Davis, senior managing director investments, Marcus & Millichap, said in a statement. “The property sold for more than 4.5 times revenue on a pre-PIP basis and at a cap rate below eight percent.”
Davis, along with Marcus & Millichap’s Eric Webster, Joce Messinger and Chase Dewese, represented the private seller in the transaction.