Charlotte and Pineville Hilton Garden Inns acquired in two transactions
Legendary Capital has sponsored the acquisition of the 113-room Hilton Garden Inn Pineville in a $10.7 million transaction, and the 112-room Hilton Garden Inn Charlotte North in a separate $15 million transaction with the same owner. These acquisitions follow two other hotels acquired by Legendary Capital earlier in August.
“The Hilton Garden Inn brand continues to be an attractive investment, and we are happy to have found two in this market,” said Legendary Capital CEO Corey Maple. “These particular properties are expected to be excellent performers after we put them through extensive renovations.”
The hotels are in the Charlotte-Gastonia-Concord Metropolitan Statistical Area (MSA), which has a population of 2,637,000. The Hilton Garden Inn Pineville is located near the intersection of State Highway 51 and I-485, an intersection that saw over 192,500 vehicles a day in 2019. The Hilton Garden Inn Charlotte North is located near the intersection of I-77 and I-485, which saw 148,500 a day.
Charlotte is the 15th largest city in the U.S and the fourth largest city in the southeast, with a population of 912,000. Charlotte is the second largest financial hub in the country after New York City, with banks such as Wells Fargo and Bank of America either being headquartered or having their major regional offices in the city. Charlotte is also home to the University of North Carolina at Charlotte which is home to around 30,000 students.
“The Charlotte/Pineville market has so much going for it – everything from corporate headquarters to major universities,” said director of investments Alex Worwa. “The demand generators are all there, and these Hilton Garden Inns will be great additions to the portfolio.”