Foundation For The Carolinas secures investment partners for Carolina Theatre hotel in Charlotte NC
SB&G Group and Valor Hospitality Partners today announced its planned investment into the InterContinental uptown Charlotte hotel. The final design is in process for a new InterContinentalbranded, 252-room, full-service luxury hotel development that will sit atop the Carolina Theatre at Belk Place, being developed by Foundation For The Carolinas (FFTC).
FFTC, an entrusted partner of the City of Charlotte, will renovate the Carolina Theatre as part of this dynamic and transformative development for the city.
“We are excited to be a part of the effort to bring the first InterContinental Hotel to the Carolinas,” said FFTC Executive Vice President Laura Smith. “The hotel will be a dynamic complement to the Carolina Theatre at Belk Place complex.”
“We are very proud to have been chosen as the developer and hotel manager for this incredibly exciting project,” added Euan McGlashan, Valor’s Managing Partner. “We think Charlotte is one of the most dynamic and forward thinking cities in the country, and we want to create a legacy project for its proud residents that makes a difference.”
SB&G and Valor have chosen IHG Intercontinental Hotels as the brand, with Valor one of the few management companies globally approved to operate this iconic flag. McGlashan commented, “We have a long and successful history of creating, transforming and operating hotels within the IHG portfolio of brands in both the USA and U.K. and look forward to developing and operating our first Intercontinental”
This transaction marks SB&G’s first move into the USA property market and leverages off the partnership established with IHG, following the $AUD500 million acquisition of an IHG Hotel Portfolio in Australia in December 2015 by SB&G Hotel Group.
Managing Director of SB&G Hotel Group, Mr. Paul Salter said in announcing the investment today in Charlotte, “We are delighted to be expanding into the USA hotel sector with our partners IHG and Valor Hospitality Partners.”
Charlotte is experiencing significant economic and population growth and has demonstrated very strong demand for lodgings in recent years, particularly in the luxury hotel room category.
Mr. Salter commented that “given the location, demand drivers and significance of this project to the City of Charlotte and FFTC, it represents a logical expansion of the SB&G Group’s hotel business interests and taps into strong demand from our investors for USA domiciled product.”
With its sights firmly set on growth in the USA, Mr. Salter confirmed the SB&G Group currently has three other hotel projects in its USA pipeline.
About Foundation For The Carolinas
Foundation For The Carolinas is a nonprofit community foundation serving donors and a broad range of charitable purposes in North and South Carolina. With assets of $2.1 billion, the Foundation encourages and makes possible philanthropic giving by individuals of all means to benefit their communities. Visit www.fftc.org
About the SB&G Group
SB&G Group (www.sbggroup.com.au) is a Funds Management business which creates unique and exclusive investment opportunities, focusing on specialist property, with the flagship being the SB&G Hotel Group.
About SB&G Hotel Group
SB&G Hotel Group (www.sbghotelgroup.com.au) was formed in December 2015 by the SB&G Group to acquire a $500 million IHG Hotel Portfolio, the largest hotel transaction in Australia in 2015/2016.
About Valor Hospitality Partners
Valor is a bespoke, full-service hotel acquisition, development and management company offering an array of services, including conceptual design, construction, project manage-ment and pre-opening management. Today, the company oversees a portfolio of 31 lead-ing hotel and resort properties in the U.S., UK and in Africa through sister company PMR Hospitality Partners, totaling more than 6,000 rooms.
For further information contact:
Nancy De Losa | Head of Marketing | SB&G Group
M: +61 411 543 433 E: email@example.com