Lodging Partners, in association with Ten-X, is pleased to offer for sale the fee simple interest in the 129-unit Suburban Studios near University of North Carolina (the “Hotel”) located in Charlotte, NC. Charlotte is one of the most vibrant entertainment, office, and retail districts in the southeast, as well as the third-largest financial center in the U.S.
The Hotel is situated off of both I-77 and I-485 and is proximate to many of the area’s primary demand generators, restaurants, and Northlake Mall. The Property is located just minutes from the University of North Carolina-Charlotte (UNC Charlotte). The Hotel is located 15 miles from Charlotte Douglas International, a major southeastern hub and the 5th busiest airport in the U.S. by takeoffs and landings, serving approximately 47.8 million passengers in 2022.
The Suburban Studios is just 10 miles from Uptown Charlotte, which is home to the Charlotte Convention Center, NASCAR Hall of Fame, Bank of America Stadium, and Time Warner Cable Arena. The Hotel is also just minutes from 13 million square feet of office space that includes some of Charlotte’s largest tenants such as Duke Energy’s corporate headquarters, Wells Fargo’s East Coast Division headquarters, Belk’s corporate headquarters, UTC Aerospace Systems, and Ally Financial.
This acquisition offers an investor a great opportunity to purchase an interior corridor extended stay hotel from an absentee owner at a significant discount to replacement cost. The Hotel is offered unencumbered by management, so a new owner will be well-positioned to capitalize on this market’s continued strong economic growth and broad corporate and leisure demand.
Extended stay economy product is widely revered as recession-proof and remains a favorite investment sector amongst private and public investors. The hotel has a high-margin business model that is ideally positioned for any economic climate given limited labor requirements with no sales department or food and beverage offering. The hotel also offers an opportunity to explore alternative uses, including a potential residential conversion.