Main Photo: The
Date: April 2020
Location: Cary, near Harrison Square, North Carolina, USA
Name: Courtyard by Marriott and Residence Inn
No. of Keys: 250
Seller: The current owner is Daly Seven
Buyer: A North Carolina hotelier, North Harrison Hotels, has filed plans to build a dual-branded hotel in Cary.
Greensboro-based hotel development and management company Daly Seven has filed development plans for them for a 7-storey hotel project calling for around 250 rooms.
The project is situated on around seven acres at 1623 North Harrison Ave. in Cary near the Harrison Square shopping centre to the north. The development is set to feature Marriott’s Courtyard and Residence Inn brands.
The hotels will share common areas such as the pool, laundry room and facilities while operating with separate reservation desks and rooms.
“Dual-brand hotels are a growing trend in the hotel industry where you have two brands in one building,” says Noel Anderson, in-house counsel and assistant real estate director at Daly Seven. “You’re saving costs by having those common area parts of the project shared. Then you’re able to get two complimentary brands. Residence Inn is more of an extended stay brand. Courtyard is your typical selective serve business travel oriented brand.”
Daly Seven put the property under contract around five years ago and in 2016 filed a rezoning request with the town to allow for the development of the hotel. The town approved that request in 2018.
The company is now moving forward with development plans. It submitted drawings to the town earlier this year.
As a part of the project, Daly Seven worked with N.C. State and other local organisations to get a grant from the EPA to study storm water runoff and install a bio-retention pond.
“Instead of just a pit with rocks filled with water, this would be layers of gravel, permeated soil, mulch and sand that when you look at it with the naked eye all you see is a garden,” Anderson says.
But because the development process has gone on so long, Daly Seven had to return the grant money after the required time line ran out, but Anderson says they are reapplying and expect to once again receive funding now that the development is moving forward.
With drawings of the plans submitted, Anderson says the company hopes to begin construction early next year.
“The hope is to move forward with construction probably in early 2021,” he says. “But with how hard this coronavirus has impacted the hospitality industry, that may get delayed some. We are in full crisis mode.”
THPT Comment: Still a brave move to start this project at this time…we wish them well!
First Seen: Triangle Business Journal
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