RALEIGH, N.C. (WNCN) – A joke about Raleigh’s iconic, cylinder-shaped Holiday Inn moving to the Five Points neighborhood made the rounds on April Fools’ Day last week, but what’s really happening with the site?

Tidal Real Estate Partners, who has acquired the property it sits on, said they have plans for a major hotel to take its place.

The site contains both the round Holiday Inn and an adjacent lot. Tidal Real Estate Partners said they have proposed for the new building to be a 20-story, mixed-use development. It could include:

  • Hotel with 179 rooms
  • Apartment with 350 units (1 bedroom: 280, 2 bedroom: 70)
  • Retail/Restaurant: 7,698 square feet
  • Parking Deck: 447 spaces

“We are very excited about the strength of the Raleigh market and the opportunities it presents. There remains a strong demand for more high-end hotel rooms and additional housing downtown,” Tidal Real Estate Partners CEO, Mick Walsdorf, said. “The Hillsborough Street site is a very attractive location near the heart of Downtown Raleigh in close proximity to NC State University, the State Capital, and multiple entertainment districts.”

The firm doesn’t currently have renderings of the proposed design. They plan to announce their hotel partner sometime this spring. The hotel partner is described as “an exciting and upscale brand.”

Crews are expected to break ground on the project at the end of 2023. Completion is targeted for late 2025 or early 2026, according to the firm.

“Raleigh has historically been underserved in the luxury lifestyle and boutique segments of the hotel space versus other cities its size. We intend to deliver a hotel product that will be amongst the best in the entire Southeast and what we hope will become a centerpiece for downtown and home away from home for Raleigh residents,” Walsdorf said.