CHAPEL HILL, NORTH CAROLINA A joint venture between Richfield Hospitality and Shelbourne Falcon Investors announces the acquisition of the 168-key Sheraton Chapel Hill Hotel in North Carolina for an undisclosed price.
In the joint venture structure between the two companies, Richfield, in addition to equity, provided the debt for this transaction and will manage the hotel. It is the second joint venture transaction between the two companies and the second hotel added to Richfield’s portfolio in the past two months.
The hotel is adjacent to the University of North Carolina campus, about 20 minutes from Raleigh Durham International Airport. “This is our third university-related hotel, and we look forward to working closely with both the University of North Carolina Chapel Hill and the community of Chapel Hill,” says Richfield President Greg Mount. “The hotel features the largest meeting and social function space in Chapel Hill, and we intend to make full use of this competitive advantage to attract more business, education, leisure and social events.”
Shelbourne sees significant upside potential in the property, which the firm touts as Chapel Hill’s most modernized full-service hotel. “The hotel recently completed a top-to-bottom renovation that included the addition of the upscale, nationally-recognized Shula’s 347 Grill; a new state-of-the-art fitness center; all guestrooms and 17,000 sq. ft. of multifunction space; and the innovative, people-friendly [email protected] Lobby,” says Joe Fox, a partner with Shelbourne.