PROPERTY OVERVIEW
- The 150-room Homewood Suites Cary offers an exceptional opportunity to purchase a top-tier Hilton extended-stay asset well below replacement cost, in an excellent location, with strong in place cash flow and built-in future growth drivers.
- The Hotel is strategically located in Cary, an affluent town in the Raleigh Metropolitan Area located between Raleigh and Research Triangle Park. Cary is anchored by several large healthcare and technology companies such as Siemens Healthcare, SAS Institute (a developer of analytics software with over 4,300 employees) and should continue to see significant economic growth over the next decade drive by numerous developments, such as the Epic Games Global HQ, Apple’s Raleigh campus, and other mixed-use developments that are under construction.
- A+ Micro Location: The Property sits directly adjacent to Siemens' Healthcare Training and Development Center, a global healthcare leader with over 1,000 employees at the Cary campus, which is a key driver of hotel demand.
- Strong in-place cash flow with Significant Upside Opportunity: The Property achieved a $107 RevPAR, $6.1mm total revenue, and $2.0mm of NOI in 2023. Significant upside opportunity remains through continued ramp in return to office of its top account, index improvement through completion of the change of ownership PIP, and more focused expense management.
- The Hotel is affiliated with Hilton’s premier extended-stay brand, Homewood Suites. Institutional extended stay assets achieve occupancy rates 10-14% higher than the average hotel brand and the Property’s extended stay nature is ideal for the corporate guests of the Property’s top accounts.
100 Macalyson Ct, Cary, NC 27511