CARY, North Carolina—Marcus & Millichap announced the sale of a 122-room Comfort Suites in Cary, North Carolina.
“We ran a competitive process and identified a local developer planning to convert the property into an extended-stay Hilton asset,” said Jack Davis, senior managing director, investments. “The property sold for more than 4.5 times revenue on a pre-PIP basis and at a cap rate below eight percent.”
Davis, along with Marcus & Millichap’s Eric Webster, Joce Messinger, and Chase Dewese, represented the private seller.
The property is situated near Interstate 40 and within five miles of Raleigh-Durham International Airport. The five-story hotel was built in 1999 and renovated in 2019. Amenities include complimentary breakfast, an indoor heated pool, fitness center, business center, meeting space, and guest laundry.
The hotel is near Research Triangle Park and several major employers, including SAS Institute and Epic Games, and is within driving distance of Duke University, the University of North Carolina at Chapel Hill, and North Carolina State University.
