By Laura Calugar
Gehr Hospitality, a division of The Gehr Group, purchased the 132-key Four Points by Sheraton hotel in Charlotte, N.C. BMO Harris Bank provided financing for the acquisition of the property. Real Hospitality Group will manage the hotel. Thuong Luong and Molly Caccamo of Gehr Hospitality led the transaction on behalf of the company.
Located at 315 E. Woodlawn Road, the Four Points by Sheraton, Charlotte is 15 minutes from the Charlotte-Douglas International Airport and across the street from the city’s LYNX Light Rail system, which provides direct access to downtown and the Charlotte Convention Center.
The hotel was revamped in 2015, when its 56 two-room suites and 76 standard guestrooms were upgraded. The company intends to further invest into the lobby’s renovation, bring capital improvements to the exterior, along with system upgrades. Four Points by Sheraton, Charlotte features a restaurant and lobby bar, an outdoor swimming pool and two airport shuttles.
“The hotel has a substantial upside potential in a strong local market, both in revenue enhancement and operational efficiencies. We plan to acquire similar properties as we continue to expand our portfolio,” said Gehr Hospitality CIO Thuong Luong, in a prepared statement.
Images courtesy of Four Points Charlotte website