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A small business investment firm in Morrisville has purchased the Holiday Inn & Suites in Cary from a Florida commercial real estate investment firm for $11.7 million.
APA Ventures Inc., which owns multiple Subway restaurants, small hotels, Park N Shop convenience stores and office buildings in the state, acquired the Holiday Inn (NYSE: IHG) at 5630 Dillard Drive in late October, according to Wake County deed records.
TerraCap Management of Naples, Florida, had purchased the 120-unit hotel in 2016 for $8.75 million from C-III Capital Partners of Irving, Texas, which bought the property for $8.25 million in 2014.
Located next to the Hilton Garden Inn behind The Home Depot (NYSE: HD), the Holiday Inn & Suites was built on 1.98 acres in 1999. With 66,606 heated square feet, the property has a total assessed value of $10.5 million.
The hotel is located less than a mile from another APA Ventures property, the Red Roof Inn at 1800 Walnut St.
Repeated calls to APA Ventures to find out if there were any changes in store for the Holiday Inn went unanswered. However, the company has a history of what it calls “strategic rebuilds.”
In addition to the Holiday Inn & Suites and the Red Roof Inn in Cary, APA Ventures has four other hotels – the Red Roof Inn off Highway 55 in Durham, the Ahoskie Inn in Ahoskie, a Comfort Inn in Elizabeth City and the Fairfield Inn in Avon, Ohio.
Office space owned by APA Ventures includes nine suites in Morrisville and flex warehouse space at 10313 and 10315 Chapel Hill Road. Of its 12 convenience stores, three are out of state in Virginia. All 19 of its Subway restaurants are in eastern North Carolina.
ABA Ventures, which lists Prem Amarnathan as its registered agent, began in 2003 in Elizabeth City with its first investment in a gas station and a Subway restaurant. In 2015, the company relocated to Morrisville.
Their investment brands over the years include BP, Sunoco, Citgo, Crown, Krispy Krunchy, Subway, Choice Hotels, Marriott and various independent hotels.
The seller, TerraCap Management, acquired a pair of apartment complexes in the Triangle area earlier this year. In July, Terracap bought the 346-unit The Lex at Brier Creek in Morrisville for $99.7 million. Four months earlier, TerraCap bought the 340-unit Amberwood at Lochmere for $93 million.