THE OPPORTUNITY
Lodging Partners been asked to conduct a highly confidential and private sale of the 80-unit Residence Inn by Marriott Pinehurst/Southern Pines located in Southern Pines, North Carolina. The Residence Inn is located in the heart of the growing Moore County area, with quick access to some of the best golf courses in the world. It is home to the historic Pinehurst Resort, a Golf resort, which has hosted multiple United States Open Championships in the sport.
The Pinehurst, Southern Pines, Aberdeen Area has a storied legacy of golf unlike any other place in the country. In 2014, Pinehurst made golf history again when the U.S. Open and U.S. Women’s Open Championships were played back-to-back on the same golf course for the first time ever. Many recognize the Pinehurst, Southern Pines and Aberdeen area as the “Home of American Golf.” And while the area boasts nearly 40 world-renowned courses, it also offers so much more.
The area is also very popular with visitors for its downtown shopping district, its many fine restaurants, locally owned boutiques, and coffee shops. The area is also known for its strong equestrian community. It has hosted the former Stoneybrook Steeplechase and currently maintains the Pinehurst Harness Track. The Hotel is also conveniently located near the back gate of Ft. Liberty, Pope Airfield, Aberdeen Training Field and Camp Mackall.
The Hotel has 80 spacious suites that offer separate living and sleeping areas, a fully equipped kitchen featuring a full-size refrigerator, stove and/or cook-top, dishwasher, toaster, microwave, pots/pans dishes, etc. The Property is complete with select-service guest amenities that include complimentary hot breakfast, high-speed internet, Pantry, meeting room, business center, fitness center, outdoor pool, Sports-Court, and guest laundry. Guestroom amenities include free high-speed Internet access, Fold out Full sleeper sofas, coffee makers, hair dryers, irons, ironing boards, and LCD televisions. The two-bedroom/two-bathroom suite is quite large and perfectly fits the needs of a golf four-some.
PROPERTY HIGHLIGHTS
- 80 Apartment-style units that features full kitchens
- Exceptional location at the heart of Southern Pines near 40 world-renowned courses and offers outstanding activities from shopping and dining to entertainment and nightlife
- The Hotel is in excellent condition following a $2.5 million renovation which occurred throughout the majority of 2022, and the Premium franchise affiliation with Marriott runs through June, 2033
- Hotel has impressive operating performance with strong cash flows in 2023 of approximately $40,000 per unit and consistently achieves high index penetrations against its competitive set.
INVESTMENT HIGHLIGHTS
- In 2022, Moore County ranked as the tenth largest tourism economy in North Carolina, generating $750 million annually in visitor spending and solidifying its position as one of the hottest leisure destinations in North Carolina
- Pinehurst has North Carolina’s best golf courses, world-class dining and shopping, outdoor adventures, equestrian facilities, and more. Pinehurst is an ideal location for corporate events, family vacation, and group golf outings.
- The U.S. Open Returns to Pinehurst on June 13-16, 2024 and again in 2029, 2035, 2041 and 2047
- The World Golf Hall of Fame, currently located in St. Augustine, Florida, will be relocating its physical presence to Pinehurst in 2024.
- The Hotel is located 24 miles from Fort Bragg which is one of the largest military installations in the world by population with over 52,000 military personnel
MARKET OVERVIEW
Restaurants
The Hotel is located across the street from a number of great dining options that include the Full Moon Oyster Bar, Brixx Woodfired Pizza, Longhorn Steakhouse. Other dinning options include Famous Toastery, Char Bar No. 7, Beefeaters, Bonefish Grill, and Outback Steakhouse.
Golf
The Pinehurst, Southern Pines, Aberdeen Area has a storied legacy of golf unlike any other place in the country. In 2014, Pinehurst made golf history again when the U.S. Open and U.S. Women’s Open Championships were played back-to-back on the same golf course for the first time ever. Pinehurst has North Carolina’s best golf courses, world-class dining and shopping, outdoor adventures, equestrian facilities, and more. Pinehurst is an ideal location for corporate events, family vacation, and group golf outings.
Nearby Golf Courses include:
• Whispering Pines – 4.0 Miles
• The Pit – 5.0 Miles
• Hyland Hills – 5.0 Miles
• Legacy Golf Links – 7.0 Miles
• The Carolina – 7.0 Miles
Established in 1895 amidst the tranquil North Carolina Sandhills, Pinehurst Resort stands as a premier destination boasting nine renowned golf courses, a top-rated spa, three historic hotels, and various recreational amenities. Renowned as the birthplace of American golf, Pinehurst has hosted more prestigious golf championships than any other venue in the United States, including the U.S. Open, PGA Championship, Ryder Cup Matches, PGA Tour’s TOUR Championship, and U.S. Women’s Open, among others. Among its acclaimed courses, Pinehurst No. 2 stands out as a masterpiece of golf architecture, meticulously restored to its original design by Donald Ross. Notably, in 2014, Pinehurst No. 2 made history by hosting both the U.S. Open and U.S. Women’s Open consecutively.
Situated within one of America’s Historic Landmark Districts, Pinehurst Resort was initially envisioned by James Walker Tufts as a sanctuary for health seekers amid the serene pine forests and gentle Southern breezes. Designed by the esteemed landscape architect Frederick Law Olmsted, known for his work on New York City’s Central Park, the Village of Pinehurst exudes timeless charm. With an abundance of golf courses nearby, including those hosting the 2024 U.S. Open, the Pinehurst, Southern Pines, Aberdeen region has rightfully earned the title of the Home of American Golf.
In 2024, the United States Golf Association (USGA) will establish a secondary headquarters in Pinehurst, featuring a state-of-the-art equipment-testing facility, innovation hub, museum/visitor center, and administrative offices. Additionally, Pinehurst No. 2 is set to host five U.S. Open Championships by 2047, further solidifying its status as a premier golfing destination. Nestled amidst the rolling landscapes of central North Carolina, the Pinehurst, Southern Pines, Aberdeen area holds a special place in golf history as the former residence of renowned golf course architect Donald Ross and the site of numerous iconic moments in the sport. Whether indulging in a round of golf on legendary courses, savoring the timeless Southern ambiance, or partaking in the region’s rich traditions, the Home of American Golf offers an unparalleled experience found nowhere else in the world.
Fort Liberty
Fort Liberty, formerly Fort Bragg, is a military installation of the United States Army located approximately 24 miles from the Hotel in Fayetteville, NC. Fort Liberty is one of the largest military installations in the world by population, with over 52,000 military personnel. The military reservation borders the towns of Fayetteville, Spring Lake, and Southern Pines.
Fort Liberty covers over 251 square miles. It is the home of the Army’s XVIII Airborne Corps and is the headquarters of the United States Army Special Operations Command, which oversees the U.S. Army 1st Special Forces Command (Airborne) and 75th Ranger Regiment. It is also home to the U.S. Army Forces Command, U.S. Army Reserve Command, Womack Army Medical Center, and two airfields.