Cushman & Wakefield has arranged the $11.75 million sale of Four Points by Sheraton Greensboro Airport, a 112-room hotel located in Greensboro, NC.
Rick Redmond, David Greenberg, Gabriel Shamay and Chris Passeggiata of Cushman & Wakefield represented the seller, Jai Amba Maa (JAM) Hospitality GSO Airport LLC, in the transaction. The hotel was acquired by Banks Rock LLC.
“Our team fielded multiple offers and were able to identify an out-of-state 1031 buyer,” said Redmond, a director of hospitality at Cushman & Wakefield. “We successfully walked them through the process of acquiring their first Marriott property.”
The hotel was originally built as a Comfort Suites in 1997 and then was acquired by JAM Hospitality GSO Airport in August 2017. After a more than $3 million renovation, the hotel was converted to a Four Points by Sheraton and joined the Marriott family of hotels in November 2018. The hotel offers an on-site restaurant, free internet, a fitness center, business meeting space, outdoor pool and a free airport shuttle to the Piedmont Triad International Airport about six miles away.
“This sale is a testament to high investor demand for quality assets in the Carolinas, evidenced by the fact that we produced multiple out-of-state offers,” added Redmond. “Despite economic uncertainty and the challenging financing environment last year, our team is optimistic that 2024 will continue to show a strong buyer demand in hotel assets, particularly in the Carolinas, where a surplus of demand generators and surging population growth has produced unlimited opportunities for investors.”
