BPR Properties sold a two-property, 184-room hotel portfolio sale in Salisbury, N.C. JLL’s Hotels & Hospitality Group sold the Courtyard by Marriott Salisbury (N.C.) and Holiday Inn Express & Suites Salisbury (N.C.) in separate transactions. Other terms and conditions were not disclosed.
The adjacent properties are located at 120 and 125 Marriott Circle along Interstate 85 in Salisbury, N.C. The Courtyard Salisbury has 94 guestrooms in a four-story building that opened in 2013 and recently underwent extensive renovations. The Holiday Inn Express & Suites Salisbury has 90 guestrooms in a four-story building that opened in 2017.
All guestrooms feature individual climate control, dedicated workspaces, coffeemakers, flat-screen televisions, mini-refrigerators and hair dryers. The Courtyard operates The Bistro restaurant serving American cuisine and Starbucks coffee, while the Holiday Inn Express provides complimentary breakfast service.
The properties have a combined 1,950 square feet of meeting and conference space. Shared amenities across both hotels include fitness centers, indoor pools, complimentary parking and Wi-Fi, business centers, and guest laundry facilities.
Salisbury, home to approximately 35,000 residents in Rowan County, benefits from its inclusion in the Charlotte Metropolitan Statistical Area while maintaining its distinct character. The city's strategic location along the Interstate 85 corridor, which services an average daily traffic volume of approximately 65,000 vehicles per day with 25 to 40 percent commercial traffic, provides exceptional access to major urban centers. Charlotte lies approximately 45 miles southwest, while Winston-Salem, home to Wake Forest University, sits less than 40 miles northeast.
The local economy demonstrates diversity with major employers including Novant Health Rowan Medical Center, Food Lion corporate headquarters and Freightliner Trucks. The market also supports higher education institutions including Catawba College with 1,300 students and Livingstone College with 1,100 students. Additional economic drivers include the W.G. (Bill) Hefner VA Medical Center, Cheerwine bottling operations, Reeb Millwork manufacturing and Ingersoll Rand's air compressor production facility.
The JLL Hotels & Hospitality team that represented the seller was led by Senior Director John Testerman and Senior Associate Alex Payne.
"Salisbury's diverse economic base, anchored by healthcare, corporate headquarters and educational institutions, provides stable demand drivers that support consistent hotel performance," Testerman said in a statement. "The unencumbered nature of these assets allows new ownership to maximize operational synergies and implement strategic revenue management initiatives at an attractive basis relative to replacement cost."