RESEARCH TRIANGLE PARK, NC, May 14, 2008, The MainStay Suites at 7926 Forest Pines Drive in the fast-growing southwest Charlotte area was recently acquired and is now being managed by The Generation Companies LLC (Generation), a Research Triangle Park, North Carolina-based real estate developer, asset manager and operator of extended-stay hotels in North Carolina, Tennessee, Virginia, Georgia, Florida and Texas.
According to Jeff Castleberry, Generation’s Director of Acquisitions, the extended-stay hotel, built in 2002, is slated for selective upgrades to the guest rooms and hotel lobby. “This is a great opportunity for Generation to make its first entry into the desirable Charlotte market,” he explained. “Purchasing the MainStay provides the most economically-viable approach to establishing a presence in Charlotte, given the high land and construction costs. This represents a great strategic location as the hotel is easily accessible to both the I-77 corridor and to the fast-growing I-485 corridor.”
The property was purchased by Generation Suites of Charlotte, LLC (a.k.a. The Generation Companies, LLC) from Arrowood Hotel, LLC at a cost of $3.9 million. Upgrades totaling $250,000 include new flooring in kitchens, an enhanced lobby/entrance and front desk/check-in area, all new sleeper sofas and executive desk chairs, new pool furniture and pool decking, and newly sealed and striped parking areas. “This is our first hotel purchase since Jeff came on with us as our Director of Acquisitions,” said President and CEO of The Generation Companies, H. Mark Daley, III. “Jeff and the Generation team closed this transaction flawlessly in under 60 days. We look forward to additional extended-stay hotel acquisitions in 2008.”
The 77-room property features larger than typical guest rooms boasting a large work area with bright task lighting and free, wireless high-speed Internet access; fully-equipped kitchens in each room; free continental breakfast; guest laundry; business center; fitness center and outdoor pool. MainStay Suites is part of Choice Hotels International, Inc., which also includes Comfort Inn, Comfort Suites, Quality Inn and Clarion. The new owner and manager, Generation, has been honored with numerous national Choice Hotels awards and is the brand’s largest extended-stay hotel franchisee.
