Charlotte-based SREE Hotels has purchased the Embassy Suites hotel on South Tryon Street for $32 million and plans to renovate the building, the company said this week.
The 274-room hotel had been owned by Felcor Lodging Trust, a publicly traded hotel operator based in Texas. SREE Hotels said it plans to invest $8 million in the property. The company will overhaul the building’s exterior, all of the guest rooms, the meeting and banquet space and add a new food and beverage outlet in the atrium.
“With the upcoming renovation, the public spaces will be transformed into a much more interactive environment, and will be another amenity that will allow the hotel to continue to outperform many of its competitors,” said Brad Marsico, senior vice president of sales and marketing at SREE Hotels.
SREE Hotels owns and operates a portfolio of 26 hotels in the eastern U.S.