Durham hotel sold, will be converted to affordable housing

A California developer that specializes in redeveloping old hotels and motels for affordable housing has purchased the Carolina Duke Inn in Durham ...

November 23, 2022
3:48 PM

A California developer that specializes in redeveloping old hotels and motels for affordable housing has purchased the Carolina Duke Inn in Durham for $10 million. The DI Group, managed by Mehul Patel of Chapel Hill, recently sold the 5.5-acre property at 2517 Guess Road to the Vivo Investment Group of El Segundo, CA. The Carolina Duke Inn, built in 1973, was bought by the DI Group in 2014 for $1.58 million. The current fair market value is listed at $2.67 million. Vivo Investment Group, founded in 2020, specializes in converting 'low-demand hotels to efficiency apartment complexes.

Cliff Barnes