A 97-room hotel in south Charlotte has a new local owner following a recent transaction.
Cramerton-based Kismet Arrowood LLC sold the Holiday Inn Express & Suites at 805 W. Arrowood Road in an off-market transaction for $10.3 million, according to Mecklenburg County real estate records. The buyer was Arrowood HIX LLC, a subsidiary of Charlotte-based The Kornegay Co.
Mike Chatham at MPV Properties represented the seller in the transaction. George Kornegay at Kornegay Capital represented the buyer.
Kornegay, president of Kornegay Capital, said there are plans to invest about $2 million in improvements and renovations at the four-story hotel over the next year. The new owner's property improvement plan is in conjunction with InterContinental Hotels Group (NYSE: IHG), which franchises Holiday Inn and a number of other flags.
The hotel, built in 2006, sits on a 1.9-acre site near the intersection of West Arrowood Road and Forest Point Boulevard.
Charlotte Business Journal