RALEIGH, NC (WNCN) – A joke about Raleigh’s iconic cylinder shape Holiday Inn is moving to the Five Points neighborhood made the April Fool’s Day round last week, but what’s really going on with the site?
Tidal Real Estate Partners, which acquired the property it sits on, said it expects a large hotel to replace it.
The site contains both the round Holiday Inn and adjacent land. Tidal Real Estate Partners said it proposed the new building to be a 20-story mixed-use development. This could include:
- Hotel with 179 rooms
- Apartment of 350 units (1 bedroom: 280, 2 bedrooms: 70)
- Retail/Restaurant: 7,698 square feet
- Parking: 447 spaces
“We are excited about the strength of the Raleigh market and the opportunities it presents. There remains strong demand for more upscale hotel rooms and additional downtown accommodations,” said Tidal Real Estate Partners CEO Mick Walsdorf. “The Hillsborough Street site is a very attractive location near the heart of downtown Raleigh, close to NC State University, the state capitol and several entertainment districts.”
The company does not currently have renderings of the proposed design. They plan to announce their hotel partner this spring. The hotel partner is described as “an exciting, premium brand”.
Teams are expected to begin the project in late 2023. Completion is expected in late 2025 or early 2026, according to the firm.
“Raleigh has historically been underserved in the luxury and boutique lifestyle segments of the hotel space compared to other cities its size. We intend to deliver a hotel product that will be among the best from across the Southeast and which we hope will become a downtown centerpiece and a home away from home for Raleigh residents,” said Walsdorf.