Corten Real Estate Announces Exit from Hotel Investment
Corten Real Estate is proud to announce that it has successfully exited a preferred equity investment made by Corten Real Estate Fund I LP (“CREF I”) in the award-winning Sheraton Imperial Hotel Raleigh-Durham. The recently renovated property is a premier, full-service, 331-key hotel in the heart of the rapidly growing Research Triangle submarket, within miles of the Raleigh-Durham International Airport, and offers in excess of 30,000 square feet of function space. In early 2021, CREF I provided $10.0 million of preferred equity to the owner, Imperial Hotel Group, to optimize the capital structure of the asset before the property underwent a comprehensive renovation to improve its competitive positioning in the marketplace following the pandemic.
About Corten
Corten is a dynamic real estate investor/operator that targets middle-market assets impacted by financial, operational or strategic pressures, creating unique capital solutions utilizing debt and equity through joint ventures and on a direct basis. The firm builds portfolios with the objective of delivering current cash flow and equity upside through all points in an economic cycle. We step in when others step back. For more information, email us at www.cortenrealestate.com.