Local News

Land purchase finalized to build downtown Raleigh hotel

Posted February 18

— The sale of land that will be used to build a downtown Raleigh hotel was approved by the city council Tuesday.

Summit Hospitality Group, Ltd. will pay the city $1.73 million for land to build an 11-story Marriott Residence Inn on South Salisbury Street between South Street and Lenoir Street. The hotel will provide an additional 140 to 154 rooms within walking distance of the Raleigh Convention Center.

Summit has negotiated with the city since 2012.

"The agreement requires close of the land purchase within 420 days from execution of the contract, site work to begin within 450 days from execution of the contract, and construction to be completed within 900 days from contract execution," said a statement from the city. "Should the developer not meet the statutory private sale requirements for construction of the hotel, the maximum obligation of the City to repurchase the site would be the actual sales price of $1,730,000, regardless of the value of the improvements constructed by Summit at that time."

A separate parking agreement is under negotiation, which will reserve a number of parking spaces located in a city-owned parking deck for use by the hotel.

7 Comments

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  • European American Feb 19, 3:39 p.m.

    Is the hotel that's already down there regularly at 85-100% occupancy???

    — Posted by DontVote4LiarsCheatsOrThieves

    cares?? Is it your hotel, or money that is being used here or is it the hotel's money. I think... View More

    — Posted by A person

    If they are a Raleigh citizen, then YES it is their money, as it belonged to the City (citizens) and will have to spend Raleigh money (citizen taxes) to repurchase if the obligations are not met.

  • A person Feb 19, 3:16 p.m.

    Is the hotel that's already down there regularly at 85-100% occupancy???

    — Posted by DontVote4LiarsCheatsOrThieves

    cares?? Is it your hotel, or money that is being used here or is it the hotel's money. I think they owe you no explanation at all what they do with their own money. Don't be a Democrat, stay out of their wallets

  • Kane Feb 19, 2:51 p.m.

    Some taller buildings downtown would be nice. These 11-story, 12-story buildings just aren't cutting it for me. Downtown Raleigh will never be a metropolitan area at this rate.

  • DontVote4LiarsCheatsOrThieves Feb 19, 2:32 p.m.

    Is the hotel that's already down there regularly at 85-100% occupancy???

  • Honesty first Feb 19, 11:06 a.m.

    Summit Hospitality is a great group. Glad to see Raleigh is using local folks for a change

  • krimson Feb 19, 10:02 a.m.

    On never mind, I can see from the Artist Rendering that the hotel will be located on the west side of Salisbury, wedged in next to the parking garage...

  • krimson Feb 19, 10:00 a.m.

    Isn't the parking lot for Memorial Hall located "on South Salisbury Street between South Street and Lenoir Street"???