WILMINGTON, Del. and PHILADELPHIA, Feb. 12, 2021 – Corten Real Estate has provided $10 million of preferred equity to a well-established regional owner, Imperial Hotel Group, to optimize and insulate the capital structure of the Sheraton Imperial Hotel Raleigh-Durham, by facilitating a senior loan paydown and maturity date extension, as well as funding necessary operating shortfalls. Corten funded the investment through a separate account it manages, closing the deal on February 12th.

The property is a premier, full-service, 331-key hotel located in the heart of the rapidly growing Research Triangle submarket within miles of the Raleigh-Durham International Airport and offering in excess of 30,000 SF of function space. This Marriott-branded hotel is currently in the final stages of a comprehensive renovation program that should dramatically improve its competitive positioning in the marketplace as the hospitality industry continues to recover from the effects of COVID-19.

According to Managing Partner P.J. Yeatman, “Corten was pleased to partner with Imperial on this transaction given the firm’s strong reputation along with solid demand generators and market positioning that underpin the value of this particular property.  We look forward to seeing the hotel complete its renovation program.”

About Corten Real Estate Management LLC

Corten Real Estate Partners is a highly experienced operator and investor that focuses on special situations involving middle-market office, hospitality, and multifamily real estate. The firm has particular expertise in providing creative capital solutions to stakeholders experiencing stress, distress or some other unique catalyst. Corten is headquartered in Wilmington, DE, with satellite offices in the Washington, DC and Philadelphia PA metro areas and property management resources across the U.S.

About Imperial Hotel Group

Imperial Hotel Group was founded by Robert L. Jones and Keith R. Harrod, who were integral in the development of Imperial Center and have continued to manage and own the Sheraton Imperial Hotel since its opening in 1986.