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New owners plan to renovate Fayetteville landmark

Posted February 2, 2015

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— 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.

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  • Michael Clay Feb 4, 2015
    user avatar

    justabumer, you are right! I think it had something to do with historical preservation.

  • justabumer Feb 3, 2015

    This problem may have been solved several years ago if the Fayetteville folks hadn't got their shorts in a wad over a vinyl window.

  • Jake Goode Feb 3, 2015
    user avatar

    That's what the other owners planned as well. Hopefully Fayetteville will let it happen this time.

  • Leogirl Feb 3, 2015

    I am very excited to hear this, as I grew up in Fayetteville. Hay St. is much nicer now than when I lived there. They could do so much with this building!

  • AnonyMouseLOL Feb 3, 2015

    I hope they do restore it and don't leave it to fall down like happened to the one out west, was that in Hillsborough?