News for the Hospitality Executive |
The Generation Companies Acquires the 77-room MainStay
Suites
in Southwest Charlotte, North Carolina for $3.9 million
.
(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 Generation Companies is a Research Triangle Park, North Carolina-based
real estate developer, asset manager and operator of extended-stay hotels
in North Carolina, Virginia, Florida, Georgia, Tennessee and Texas. Generation
has more than 2400 hotel rooms and $200 million in real estate assets under
management, and employs over 350 associates at 24 properties, with more
under construction. Generation is actively seeking new acquisition
and development opportunities in the extended stay segment.
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Contact:
Jeff Castleberry
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