Host Hotels & Resorts Sells 375-Room Hotel for $48 Million
This place has one of the best breakfast buffets around. A great place for an early morning meeting. I hope that doesn't change!!
Cornerstone Real Estate Advisers has acquired the 375-room Raleigh Marriott Crabtree Valley hotel from Host Hotels & Resorts Inc. for $48 million, or about $128,000 per key.
The six-story hotel is at 4500 Marriott Drive in Raleigh, NC, and totals about 221,200 square feet. It was constructed in 1981 and features two restaurants, a pool and fitness center, and 10,350 square feet of meeting space.
Both parties handled the deal in-house.
For more information, please see CoStar COMP #1312253.
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