HFF Closes Sale of DoubleTree by Hilton Hotel Raleigh-Durham Airport at Research Triangle Park
May 28, 2015
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the DoubleTree by Hilton Hotel Raleigh-Durham Airport at Research Triangle Park, a 249-room, full-service hotel in North Carolina’s Research Triangle area.
HFF marketed the property on behalf of the seller, Driftwood Hospitality Management, LLC. Southwest Value Partners purchased the hotel and has retained Dimension Development Corporation as manager.
Also known as the “Mansion on the Hill,” The DoubleTree by Hilton Hotel Raleigh-Durham Airport at Research Triangle Park underwent renovations in 2013 that improved and modernized all common areas and guest rooms while retaining the asset’s Southern-inspired aesthetic. The hotel caters to business and vacation travelers and features a full-service restaurant, lobby bar, outdoor swimming pool, 24-hour business center, state-of-the-art fitness center and 11,500 square feet of flexible meeting space. The property is situated on 12.5 acres at 4810 Page Creek Lane in Durham approximately three miles from Research Triangle Park, home to more than 190 Fortune 500 companies, biotech and scientific research firms, and professional services providers. Five miles from Raleigh-Durham International Airport, the hotel is off of Interstate 40, 15.3 miles from downtown Raleigh and 10.5 miles from downtown Durham.
The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, director KC Patel, associate director Cyrus Vazifdar and senior managing director Ryan Clutter.