Tidal secures $49M for Raleigh redevelopment

RALEIGH, North Carolina — New York City-based Tidal Real Estate Partners has secured a $49 million construction loan to redevelop the Downtown Raleigh Holiday Inn into a 204-key lifestyle boutique hotel under IHG’s Hotel Indigo brand.

The loan, provided by New York City-based Mavik, is part of a $71 million capitalization of the property led by Tidal.

The project involves a full renovation of the historic property with upgraded guest rooms, a redesigned lobby and lounge, meeting places and a boutique rooftop bar and event venue. The deal also incorporated historic tax credits to preserve the building’s architectural character as part of the renovations.

The hotel will operate under a new franchise agreement with IHG as Hotel Indigo and will be managed by Denver-based Sage Hospitality Group.

This deal represents another successful collaboration between Mavik and Tidal, who paired up for a $230 million loan last week to fund the construction and development of a 312-key Marriott development in Nashville. In 2024, Mavik also provided $80 million in financing to convert a Savannah, Georgia, apartment complex into the 157-key The Ann Savannah, which is one of the first Apartments by Marriott Bonvoy to open in the U.S. (which Sage will also manage).