Residence Inn Pinehurst Southern Pines
Hotel Innvestor was contacted by an associate looking for additional equity to consummate the acquisition of an 80-suite Residence Inn located in the golf mecca of Pinehurst, North Carolina, the host of several US Open Championships. HI reviewed the due diligence and realized the market has multiple demand generators, including nearby Fort Bragg, and there were operational changes that would increase profitability. As the premier extended stay brand, the Residence Inn was a perfect fit for the market, but also represented an opportunity to increase revenue through renovations and management efficiencies. HI was able to bring in one of our operating partners to maximize the property’s potential and to raise the majority of the limited partner equity including direct investment from HI and advised on the assumption of the existing CMBS debt. The change in management and subsequent renovations have allowed the hotel to continually lead the market in REVPAR.