Raleigh's circular hotel lands historic status

Driving the news: The landmark status was approved on Tuesday and will give the property owner, New York-based Tidal Real Estate Partners, a 50% annual property tax deferral as long as the property's character is maintained.

• The status will require Tidal to get approval for many exterior changes from the Raleigh Historic Development Commission.

Flashback: Tidal Real Estate Partners bought the Holiday Inn property in 2021.

• The following year, the developer said it planned to demolish the hotel and replace it with a tower that included both a Kimpton Hotel and apartments.
• Those plans ultimately weren't realized, and Tidal pivoted to preserving the structure, which dates back to 1969 and was at one point the tallest building in Raleigh.

What's next: Tidal's renovation of the building has been ongoing most of this year, with plans to reopen the hotel as a Hotel Indigo, a brand owned by IHG Hotels and Resorts, next year.

• The renovation is estimated to cost $33.8 million, according to permits filed with the city.
• The renovations also include significant work done on the former restaurant space on the top floor of the building, with permits outlining a $240,000 renovation of the kitchen on the 20th floor.