Tidal Real Estate Partners has added a proposal for a second hotel to its projects underway in Downtown Raleigh, according to the Triangle Business Journal.
The New York-based developer submitted plans to the city for a 13-story hotel located at 300 Hillsborough St. in the parking lot next to its other downtown property, a distinctively retro and round former Holiday Inn at 320 Hillsborough St.
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Tidal purchased the 320 Hillsborough site in 2021 for $23.8M with plans to demolish the hotel. But last summer, the company pivoted and applied for the signature property to receive landmark status, which was granted in December.
Tidal is now renovating the existing hotel while preserving its nostalgic look.
The former Holiday Inn opened in 1969 and for several years was the tallest building in Downtown Raleigh. It is a landmark largely due to its unique circular shape, made popular for Holiday Inn by former Austin, Texas-based architect firm Lundgren & Maurer in the 1960s and '70s.
The duo's first round hotel, the Holiday Inn in Austin, went up in 1964.
Now that the site has a landmark designation, the developer must work with the city’s Raleigh Historic Development Commission on any major or minor changes to the exterior.
The existing hotel will be rebranded as a Hotel Indigo.
According to current plans, the second hotel that was just announced will be a 162K SF building with 180 guest rooms. It will not be round.
Planned amenities include a bar, lounge, 2.5K SF restaurant, and boardroom on the ground floor. There are also plans for an outdoor pool and patio on the sixth floor.
Tidal is targeting an opening date of late 2026. Denver-based Sage Hospitality Group will manage the hotel and its top-floor restaurant.
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