A downtown Raleigh landmark — a circular Holiday Inn hotel on Hillsborough Street — could soon make way for a new luxury hotel development, the property’s owners said Friday.
Property owners, Tidal Real Estate Partners, told The News & Observer they plan to replace the Holiday Inn with a 20-story tower that will include 179 hotel rooms, 350 apartments and a restaurant. The plans also call for a parking platform with nearly 450 parking spaces.
Tidal said it could not yet name the hotel partner it planned to work with on the project, although it described it as a “large hotel company”.
Mick Walsdorf, CEO of Tidal, said in a statement that there is a shortage of high-end hotel rooms in downtown Raleigh, which makes this project attractive to his company.
Indeed, city officials have complained for years about the need for more hotels downtown, particularly to increase the capacity of the city’s convention center to attract larger events, The N&O. In recent years, several hotel developers have purchased land around the city center.
“There remains strong demand for more upscale hotel rooms and additional downtown accommodations,” Walsdorf said.
“Raleigh has historically been underserved in the luxury and boutique lifestyle segments of the hotel space compared to other cities of its size,” he added. “We intend to deliver a hotel product that will be among the best in the entire Southeast and which we hope will become a downtown centerpiece and a home away from home for residents. of Raleigh.”
The Triangle Business Journal first reported Tidal’s plans. Tidal said it hopes to launch the hotel project in late 2023.
The Holiday Inn’s history on Hillsborough Street dates back to 1969, when it was one of 25 round motels designed by Holiday Inn founder Kemmons Wilson. For many years, the 200-room hotel operated as the Clarion Hotel, and its top floor once housed a restaurant.
In 2012, it was bought for $9.4 million by a Miami developer who renovated it and put it back under Holiday Inn management, The N&O previously reported.
Last year, Tidal paid nearly $20 million for the property.
other big downtown raleigh hotels include the AC Hotel by Marriott, which opened last year with 147 rooms; the 401-room Raleigh Marriott City Center; the 355-room Raleigh Sheraton Hotel; and the 126-room Hampton Inn & Suites.
This story was produced with the financial support of a coalition of partners led by Innovate Raleigh through an independent journalism grant program. The N&O retains full editorial control of the work. Learn more; go to bit.ly/newsinnovate
This story was originally published February 11, 2022 1:50 p.m.