New owners plan to renovate Fayetteville landmark
Posted February 2, 2015
Fayetteville, N.C. — The new owners of The Hotel Prince Charles said Monday that they plan to begin renovations on the Fayetteville landmark later this year.
Prince Charles Holdings LLC closed on its $200,000 purchase of the hotel, at 450 Hay St., on Monday. The group was the lone bidder in an online auction in December, marking the third time in eight years the 88-year-old hotel had been sold to the highest bidder.
“I’m excited about the opportunity to bring one of Fayetteville’s most iconic buildings back to life and contribute to the revitalization process already underway in downtown Fayetteville,” Michael Cohen, the lead investor in Prince Charles Holdings, said in a statement.
Cohen is the founder of Cypress Creek Renewables, a nationwide solar company focused on developing and financing opportunities in emerging solar markets.
Details of the redevelopment, which also will include land adjacent to the hotel, will be disclosed later, the owners said in a statement.
Michael Lemanski, founder of Durham-based Greenfire Real Estate Holdings, will oversee the project. Greenfire has managed more than $300 million of investment in distressed assets, including redeveloping more than 15 historic properties in downtown Durham.
“I’m thrilled to have Mr. Lemanski and his team working on this project,” Cohen said. “Their extensive development background, deep knowledge of historic redevelopments throughout N.C. and established relationship with the City of Fayetteville make them a perfect fit for the Prince Charles project.”
The Hotel Prince Charles was twice declared unsafe for habitation a few years ago, and a previous attempt to convert the building into a mix of office space and 80 downtown condominiums was shelved after copper thieves destroyed the building's plumbing, wiring and ventilation system.