The city of High Point on Monday night struck a deal with a Charlotte-based developer to build a $30 million hotel and parking deck outside the Truist Point stadium, a move that builds on the vision for the area around the ballpark and offers much-needed rooms for the twice-a-year Furniture Market trade show.
City Council voted 8-0 to approve a revised purchase and sale agreement with family-owned hotelier Tara Investments to build a 100- to 130-room hotel at 305 and 315 N. Elm St. The agreement increased the purchase price of the land from the city from $1 million to $1.2 million and included a provision that construction must commence within four years. The timeline for the project and brand were not disclosed, with a news release stating that details would be revealed as the project advances.
Tara’s hotel will be targeted at Furniture Market attendees and business travelers, as well as university visitors and leisure guests. The parking deck is intended to serve the hotel, but also expand capacity for downtown businesses and visitors.
Read the full story on the Triad Business Journal’s website.…