Siena Hotel, restaurant sold
Posted July 15, 2009 1:59 p.m. EDT
Updated July 15, 2009 2:29 p.m. EDT
Chapel Hill, N.C. — Real estate magnate Sam Longiotti and his family have sold the Siena Hotel and Il Palio Ristorante for an undisclosed sum, officials said Wednesday.
Longiotti, who also is a general partner in the firm that owns Crabtree Valley Mall, built the 79-room luxury hotel on Franklin Street in the 1980s after taking a trip to Italy. Both the hotel and the restaurant off the lobby have received Four Diamond ratings from AAA.
"The sale of the Siena Hotel at this time is part of our family estate and retirement planning," the Longiotti family said in a statement. "The Siena Hotel has been an exciting and rewarding experience."
Focus Properties, which is headed by Raleigh real estate investor Govind Chandak, purchased the property, which has a tax value of $8 million. Chandak owns several other hotels in the Triangle, as well as the Prime Outlets mall in Morrisville.