A well-known Cary hotel is getting a new owner and likely a whole new vibe. Marcus & Millichap has arranged the sale of a 122-room Comfort Suites in Cary, N.C., with a local developer already planning to convert the property into an extended-stay Hilton flag. The five-story, all-suite hotel sits just off Interstate 40, a short drive from Raleigh-Durham International Airport and the Triangle's major employers, positioning it squarely in the path of business travelers who stay for more than a night or two.
The buyer is described as "a local developer planning to convert the property into an extended-stay Hilton asset," and the hotel "sold for more than 4.5 times revenue on a pre-PIP basis and at a cap rate below eight percent," according to LODGING Magazine. Marcus & Millichap's hospitality team of Jack Davis, Eric Webster, Joce Messinger and Chase Dewese represented the private seller in the transaction.
Property Details and Location
The Comfort Suites Regency Park is located at 350 Ashville Ave and is described in commercial listings as a five-story, roughly 65,000-square-foot, 122-room, all-suite hotel dating to the late 1990s, according to LoopNet. Guest-facing descriptions highlight amenities that include complimentary breakfast, an indoor heated pool, a fitness center, meeting space and guest laundry, per Reservations.com.
Why an Extended-Stay Works Here
Extended-stay conversions have become a favorite play in the Triangle, and this property checks several of the usual boxes. Corporate travel tied to Research Triangle Park, nearby universities and regional employers helps support a steady stream of guests who need a place for weeks, not nights. As outlined by Matthews, the Raleigh-Durham market posted roughly 66.9% occupancy in Q1 2025, and Wake County has a sizable hotel development pipeline, conditions that tend to reward assets geared toward longer stays.
What We Still Don't Know
For now, the buyer is identified only as a "local developer," with no purchase price or closing date disclosed, according to LODGING Magazine. Any move to a Hilton extended-stay brand will still need corporate approval, along with a property improvement plan and interior upgrades. Local permit filings or a formal franchise announcement will be the clearest indicators that the conversion is officially moving ahead.
For Cary, the sale is another reminder that repurposing midscale, all-suite hotels remains a go-to strategy for investors chasing stable occupancy and steady cash flow. Watch for refreshed marketing materials, town permit records or a Hilton notice that spell out the developer's timeline and the property's new flag.
