RALEIGH, N.C. (WNCN) – Downtown Raleigh’s iconic round Holiday Inn on Hillsborough Street will soon be no more.

Tidal Real Estate Partners, which has acquired the property it sits on, has plans for a major hotel to take its place. This week, Kimpton Hotels & Restaurants, part of IHG Hotels & Resorts’ Luxury & Lifestyle Collection, announced it would open a boutique hotel at the site of the current Holiday Inn.

Crews are expected to break ground on the project at the end of 2023. Completion is targeted for late 2025.

The hotel would be part of a new 20-story mixed-use development. Tidal Partners previously told CBS 17 that the development would include:

  • A 179-room hotel
  • 350 apartment units (1 bedroom: 280, 2 bedroom: 70)
  • 7,698 square feet of retail and restaurant
  • 447-space parking deck

“Downtown Raleigh has long awaited a luxury hotel experience like Kimpton delivers. The amenities, restaurants and event spaces will raise the bar for hotel properties in downtown and establish the Kimpton as a sought-after destination for visitors and local residents alike,” said Mick Walsdorf, CEO of Tidal Real Estate Partners.

Kimpton Hotels said their hotel would span the first six floors of the building. Along with the hotel, there are plans for three unique restaurant and bar concepts, including a rooftop bar and lounge, and more than 6,500 square feet of meetings and events space.

Kimpton said the hotel would include perks like morning coffee and tea service, evening social hour, “Forgot It? We’ve Got it!” amenity program, a 24-hour fitness center, in-room yoga mats, complimentary bicycle rentals and a no-fee pet policy.

“We’ve had great success with our Kimptons in North Carolina, and we look forward to offering Raleigh as a new destination in our portfolio. We think our design-led brand and welcoming, innovative restaurants and bars will really resonate with the city’s locals and visitors alike,” said Mike DeFrino, Kimpton Hotels & Restaurants’ CEO.

Kimpton operates hotels in Winston-Salem, Asheville and Charlotte.