Opened in 1998, the hotel has two food and beverage facilities and 4,252 sf of meeting space that could be expanded. The guestrooms and bathrooms saw $2.5 million in improvements in 2002. Ashford plans to invest another $5.7 million in the property over the next 24 months.

The funds will be used to renovate the lobby, restaurant, function space, guest corridors, guestrooms and bathrooms, says Ashford Hospitality chief executive Monty Bennett. Remington Lodging & Hospitality, L.P. has assumed management of the property. The agreement is long term and incentive based, according to Ashford.

The property benefits from close proximity to the 7,000-acre Research Triangle Park. Limited to organizations in research, development and scientifically-oriented production, the park is closely tied to three major research universities: University of North Carolina at Chapel Hill, Duke University in Durham and North Carolina State University in Raleigh.

The hotel generated revenues of $9.9 million on a trailing 12-month basis, according to Ashford.