Cary Comfort Suites Sold, Set for Hilton Extended-Stay Conversion

The Comfort Suites Regency Park on Ashville Avenue in Cary has sold, with the new owner planning to convert it into a Hilton extended-stay property. Marcus & Millichap, the commercial real estate firm that brokered the deal, disclosed the sale this week but did not reveal the purchase price or closing date.

The 122-room, five-story hotel was built in 1999 and renovated in 2019, and sits within five miles of Raleigh-Durham International Airport. The property is centrally located near the Regency Park and McGregor Village business centers. Jack Davis, senior managing director of investments at Marcus & Millichap, said the location and format made the property a logical target for repositioning. "We ran a competitive process and identified a local developer planning to convert the property into an extended-stay Hilton asset," Davis said. "The property sold for more than 4.5 times revenue on a pre-PIP basis and at a cap rate below eight percent."

Davis was joined on the transaction by Marcus & Millichap colleagues Eric Webster, Joce Messinger, and Chase Dewese, all of whom represented the unnamed private seller.

The hotel currently features amenities including complimentary breakfast, an indoor heated pool, fitness center, business center, meeting space, and guest laundry. Those offerings reflect a midscale all-suite footprint that investors have increasingly targeted for extended-stay conversions, drawn by the steady occupancy that comes with serving guests who stay for weeks rather than nights.

The buyer's identity has not been disclosed publicly. Any rebrand to a Hilton extended-stay flag still requires Hilton corporate approval and the completion of a property improvement plan, which will mandate interior upgrades before a new flag can be awarded. Town of Cary permit filings and a formal Hilton franchise announcement would be the clearest signals that the conversion is moving from plan to construction.

The conversion reflects broader industry trends of hotel owners repositioning existing properties to better meet evolving consumer demands, particularly for longer-term accommodations near major business and education hubs. The hotel is minutes from Raleigh-Durham International Airport and North Carolina State University, and the broader corridor connects to Research Triangle Park, SAS Institute, and Epic Games, all consistent sources of business travel demand. Duke University and the University of North Carolina at Chapel Hill are also within driving distance, adding a steady stream of visiting researchers and academic staff who fill extended-stay rooms for weeks at a time.

The sale multiple, more than 4.5 times revenue before any improvement-plan investment, signals that buyer appetite for well-located Triangle hotel assets remains strong even before renovation costs are factored in. Whether the conversion closes the gap with the brand's typical PIP requirements will become clearer once permit records surface at Cary's planning department.