Real Estate News

Two Wake County hotels sell for $8.87M

A Houston hospitality company has acquired two Red Roof Inns in Raleigh and Cary for $8.87 million, according to Wake County property records.

Westmont Hospitality Group acquired the properties from Five Mile Capital Partners.

Westmont paid $5,262,500 for the 133-room Red Roof Inn at 1813 S. Saunders Street near downtown Raleigh. The company paid $3.605 million for the 191-room Red Roof at 1800 Walnut Street.

Five Mile had acquired the two hotels in 2011 for $7.3 million, according to property records.