City of Raleigh issued the following announcement on September 24.
The City of Raleigh has acquired Hospitality Studios, an extended-stay hotel located on Brentwood Road in Raleigh. The closing was held today, September 24.
The 113-room hotel is largely occupied by long-term guests who will not be affected by the change in ownership. The property will continue to be managed by the previous owner for the next six months.
In the coming weeks, the City will begin the process of selecting a non-profit operator of the property. The future vision for the hotel is mixed occupancy, combining the existing extended-stay model with opportunities for permanent supportive housing and other types of affordable housing.
Raleigh City Council identified the purchase of a hotel as a priority during its retreat this past March. A total of $8 million in funding from the American Rescue Plan Act will be used for the purchase of the property.
“I am excited that we are taking this important step toward providing creative solutions for affordable housing in our City. We need to continue to seek flexible, affordable housing options, such as this hotel, to provide temporary housing support for those in need in our community,” said Mayor Mary-Ann Baldwin.
For more information, please visit the Community Development website.
Original source can be found here.
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