Gehr Hospitality announced the acquisition of the Four Points by Sheraton, Charlotte. The Company will invest additional funds to upgrade the property, including a lobby renovation and additional capital improvements for exterior and system upgrades. The acquisition was financed by BMO Harris Bank, and Real Hospitality Group will manage the hotel on behalf of Gehr Hospitality.
Ms. Thuong Luong and Ms. Molly Caccamo of Gehr Hospitality led the transaction on behalf of the Company. “The hotel has a substantial upside potential in a strong local market, both in revenue enhancement and operational efficiencies. We plan to acquire similar properties as we continue to expand our portfolio,” said Ms. Luong, CIO of Gehr Hospitality.
“This property fits well with our growth plans for the division,” noted David Lifschitz, President and CEO of The Gehr Group. “We are excited to further our relationship with Marriott and with the Four Points brand.”
The Four Points by Sheraton, Charlotte is located approximately 15 minutes from Charlotte-Douglas International Airport and across the street from Charlotte’s LYNX Light Rail system (with direct access to downtown Charlotte and the Charlotte Convention Center within a 10-minute ride). The hotel features 132 rooms which were renovated in 2015, including 56 two-room suites and 76 standard guestrooms, a restaurant & lobby bar, seasonal outdoor swimming pool, and two airport shuttles.
Founded in 1965, The Gehr Group is a diversified concern headquartered in Los Angeles, California. Its principal business units are engaged in international trade, real estate, manufacturing, wholesale and distribution.
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