SREE HOTELS, A Charlotte, North Carolina-based hotel management company, sold the 107-room Holiday Inn Lumberton in Lumberton, North Carolina, for $7.7 million. Marcus & Millichap brokered the sale.
SREE Hotels is led by Chairman Ravi Patel and Vice Chairman Chandra Patel.
“We were able to identify a qualified buyer early in the marketing process given the property’s consistent performance,” said Chase Dewese, Marcus & Millichap’s first vice president, investments. “The buyer will be able to create additional upside upon completion of the new ownership PIP.”
The Holiday Inn, built in 1990, occupies 5.74 acres off Interstate 95 and features an outdoor pool, meeting and banquet facilities and a fitness center. Founded in 1980, SREE Hotels provides hotel development and management services across the Southeast and Midwest, operating 25 franchised properties in North Carolina, South Carolina and Ohio.
Kabani Hotel Group, led by CEO Ahmed Kabani and partner Suraj Dalal, brokered the $22 million sale of the 157-room Radisson Red Miami Airport, located east of Miami International Airport.
