18 September 2023

HUNTER HOTEL ADVISORS ARRANGES SALE OF CANOPY BY HILTON CHARLOTTE

Hunter Hotel Advisors (“HUNTER”) is pleased to announce the sale of the Canopy by Hilton Charlotte. MCR Hotels purchased the property from Tara Investments for an undisclosed amount on September 12, 2023. Mayank Patel, Senior Vice President of HUNTER, arranged the sale on behalf of Tara.   

 “We are pleased to announce another transaction with our legacy client, Tara Investments. The Canopy SouthPark is a trophy asset in one of Charlotte’s most desirable submarkets. The Canopy is an institutional grade asset with a tremendous trajectory since opening in 2020,” said Mayank Patel, Senior Vice President of HUNTER.  

“Mayank and Hunter were instrumental in the Canopy transaction during this market cycle. This project supports our development and investment model, focusing on strong brands in core markets. With this divestiture, we can redeploy our capital to our new urban-core projects in our pipeline,” Anish Patel, Managing Partner of Tara Investments, said. 

The Canopy by Hilton offers 150 rooms in one of Charlotte’s fastest-growing submarkets. SouthPark Mall, Freedom Park, and a host of local restaurants are all within minutes of the Canopy’s front door. Tara developed the property, which opened in 2020. Since 2008, Tara has executed $175 million in ground-up hotel acquisitions and development.