Front Street, Carter, WFU Partner to Redevelop Best Western Plus Property
Carter and Front Street Capital acquisition of Best Western Plus is the newest signal of transition toward community-serving amenities and long-term growth around University Parkway and Deacon Boulevard
MAY 13, 2026 - Carter and Front Street Capital, with the support of Wake Forest University, have acquired the Best Western Plus property at 3050 University Parkway, adjacent to The Grounds. The hotel is scheduled to close on June 4, 2026, as the ownership group begins evaluating future redevelopment opportunities for the site.
The transition reflects growing momentum surrounding The Grounds, the 100-acre mixed-use district currently taking shape around Wake Forest University and Winston-Salem’s major sports and entertainment venues. Alongside the hundreds of millions of dollars being invested in The Grounds itself, additional nearby institutional and private projects are helping reshape this highly visible corridor into a more connected, vibrant, and community-oriented district.
Recent activity includes Atrium Health Wake Forest Baptist’s acquisition of the former Flow Honda service property on University Parkway for development of a new $33 million freestanding emergency department — another major reinvestment project signaling confidence in the area’s future.
“When properties adjacent to transformational districts begin attracting new investment and new visions for redevelopment, it’s a strong indication that broader momentum is taking hold,” said Coleman Team, President and Managing Partner at Front Street Capital. “This was an opportunity to help ensure thoughtful long-term stewardship of an important gateway property directly connected to the future of this area. We believe this corridor is entering a new era of investment, activity, and community value.”
The Best Western Plus property had experienced multiple years of declining occupancy and revenue performance prior to being publicly listed for sale. The acquisition creates an opportunity to evaluate future uses for the site that better align with the evolving character and long-term vision emerging around The Grounds and surrounding neighborhoods.
“That kind of reinvestment activity speaks volumes about where this area is headed,” said Adam Parker, Senior Vice President at Carter. “You’re seeing a transition from aging and underutilized properties toward uses that create long-term value for residents, visitors, neighborhoods, and the broader Winston-Salem community. We believe this property can ultimately become part of that next chapter.”
“This part of Winston-Salem has deserved this kind of thoughtful investment for a long time,” said Regina Hall, City Council member representing the Northwest Ward. “Now, there is momentum helping turn aging and underused properties into spaces and amenities that better serve the neighborhoods and the people who live here every day. Done the right way, thoughtful investment like this creates ripple effects far beyond a single property – strengthening surrounding businesses, supporting future community amenities, and contributing to the long-term economic health of our district and city.”
The Grounds is currently under construction and will include retail, dining, office, residential, multi-use trails, and public gathering spaces, with Phase I set to deliver in Fall 2027. Together, the project and surrounding investment activity are expected to significantly strengthen the area’s role as a year-round destination for both residents and visitors.
“The combined venues of the City of Winston-Salem and Wake Forest that surround The Grounds are more popular than ever, now welcoming more than one million visitors annually for big-time sports and entertainment events,” said John Currie, Vice President and Director of Athletics at Wake Forest University. “The investments coming into the area are creating a more connected, welcoming, and vibrant experience for students, fans, Winston-Salem residents and visitors alike, and the broader economic benefits for the community will be substantial.”
“The Grounds is projected to drive more than $1.3 billion in total business sales in its first decade of construction and operations,” said Dr. Jackie Travisano, Executive Vice President and Chief Financial Officer at Wake Forest University. “Seeing that impact expand beyond the boundaries of The Grounds itself -- and at such a relatively early stage – shows how transformational this will be for the area, the city, the county, and the state.”
The ownership group stated that support resources are being made available to Best Western Plus employees as operations wind down, including assistance from Carter, Front Street, and Wake Forest University in identifying employment opportunities within the local hospitality and service industries. Guests with post-closure reservations have also received rebooking assistance.
Additional updates regarding future planning for the property will be shared as redevelopment evaluation progresses.