A Raleigh landmark was nearly lost. Now it’s set for a $36M comeback this October
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- Tidal Real Estate Partners will reopen the building as Hotel Indigo Raleigh.
- The $36 million renovation preserves the landmark exterior and reimagines the interior.
- Hotel Indigo Raleigh will feature 204 rooms and a 19th‑floor penthouse cocktail lounge.
The drum‑shaped former Holiday Inn at 320 Hillsborough St., long one of Raleigh’s most recognizable buildings, is readying its long‑awaited return this fall.
After years of uncertainty — and an earlier plan to demolish the structure — Tidal Real Estate Partners has confirmed the building will reopen in October as Hotel Indigo Raleigh following a $36 million renovation that preserves the landmark’s distinctive exterior while completely reimagining its interior.
“This building has been part of the Raleigh skyline for decades,” said Ken Copeland, Tidal’s president, in a release. “We’re excited to give it a fresh new future.”
The project marks a dramatic pivot for the New York-based firm, which bought the building in 2021 and initially planned to raze it for a new mixed‑use tower. Instead, the developer is leaning into the building’s history and shape, remaking the 1969 icon into a 204‑room boutique hotel with skyline views, a penthouse cocktail lounge, and modern amenities designed to meet rising demand for downtown hospitality.
The reopening arrives just as Raleigh prepares for a $400 million expansion of its convention center — a surge expected to draw more visitors, events and business travelers into the city’s core, Copeland said.
“People will recognize the exterior immediately,” he added, “but once they walk inside, it’s a completely different experience, full of unexpected indulgence around every corner.”
Originally built in 1969 as one of Holiday Inn’s rare round hotels, the 19‑story structure has cycled through multiple owners and brands, including Clarion and Holiday Inn. Its proposed demolition in 2022 sparked a cult following, complete with local T‑shirts and nostalgia for the tower’s top‑floor restaurant, where bands like Southern Culture on the Skids once played.
Now, instead of vanishing from the skyline, the building is being remade into a boutique destination designed to reflect Raleigh’s creative energy.
Inside, nearly every floor has been redesigned, the firm said. The hotel will feature a ground‑floor café and gathering space, and modern meeting amenities aimed at both business and leisure travelers.
The project’s centerpiece is a 19th‑floor penthouse cocktail lounge and event venue, offering panoramic views of downtown.
This will be the Hotel Indigo’s third North Carolina location, joining properties in Asheville and Winston‑Salem.
The brand has not yet released pricing. Across North Carolina, properties generally fall in the $150 to $200 nightly range, with Asheville skewing slightly lower and Winston‑Salem slightly higher. Premium rooms and peak weekends can push rates above $200.
Hotel Indigo Raleigh will be managed by Sage Hospitality Group, which says it has begun hiring leadership roles. It expects to employ nearly 100 people once fully operational.
Additional details about food and beverage offerings, event spaces, and grand‑opening activities will be announced in the coming months.
For booking inquiries, Sage Hospitality is directing requests to indigoraleigh@sagehospitalitygroup.com.
This story was originally published July 9, 2026 at 3:51 PM.
