Investment Premise:

Strong Partnership

Original developer wanted to offload land as part of a larger development. Tara was able to work with the seller to carve out the necessary land for a hotel project, thereby substantially lowering it’s land cost. The approval of the Homewood brand allowed Tara to tap into a highly recognizable hotel flag that outperforms it’s competition by 20% on average.


Desirable Location

With much of the Ballantyne market controlled by one group, land for hotel development is at a premium. Additionally, being zoned for 6.5 million square feet of class A office space, Ballantyne provides the largest office space outside of Charlotte’s central business district at a fraction of the construction cost. The presence of the neighboring Carmel, Torringdon, 521, and Edgewater office parks further strengthens local demand.


Market Timing

The financial downtown meant Tara was able to take advantage of competitive debt and construction pricing. The Ballantyne market is also showing a 9% year over year RevPAR growth. Strong growth should continue as the corporate office park continues to be built out.