- Associated Press - Tuesday, February 3, 2015

FAYETTEVILLE, N.C. (AP) - A Fayetteville landmark, the Prince Charles Hotel, is getting an $11 million makeover and conversion to apartments and retail space.

Media outlets report that the new owners, Michael Cohen and his fellow investors in Prince Charles Holdings LLC, announced plans for the building Monday.

They bought the hotel at auction in December for the minimum $200,000 bid.

The price was a little more than a tenth of what the property brought seven years ago and half of what the hotel was appraised for five years ago.

The new owners plan to rehabilitate the building with apartments and put retail space on the ground floor.

Cohen is founder of a solar energy company based in Santa Monica, California. He previously worked with Strata Solar that operates solar farms across North Carolina.

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