CBL Properties Celebrates Opening of Element Hotel by Westin at Mayfaire Town Center in Wilmington, North Carolina

Grand Opening Comes on the Heels of Several New Retail and Entertainment Additions to the Property

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- CBL Properties (NYSE:CBL) today announced that Element by Westin is now open at Mayfaire Town Center in Wilmington, North Carolina. The 139-key hotel is located on International Drive and is a 49/51 joint venture between CBL and Chattanooga-based Vision Hospitality.

“When we acquired Mayfaire Town Center in 2015, we saw a significant opportunity to further diversify the mix of uses available on the campus,” said Stephen Lebovitz, chief executive officer, CBL Properties. “As the Wilmington market has grown, we’ve been able to grow with it adding new-to-market retail, entertainment, and hospitality options.”

Since 2024, Mayfaire Town Center has welcomed more than 100,000 square feet of new retail, restaurants, and services, including the recent additions of Altar’d State Kids, Rowan, and Dave & Busters.

“Not only has CBL invested in the growth of Mayfaire, but many of our retailers have as well,” added Lebovitz. “Over the last two years, we’ve introduced several retailers to the market including Free People and FP Movement, Warby Parker, and Dry Bar. In addition, retailers like lululemon and Reed’s Jewelers have invested in their presence at the property through remodels and expansions.”

With a strong local and regional draw as well as an established destination for tourists, Mayfaire welcomes 5.4 million visitors annually and consumers have responded favorably to new additions leading to sustained sales growth though the second quarter.

About CBL Properties

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 89 properties totaling 55.4 million square feet across 22 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

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Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com

Media Contact: Stacey Keating, Vice President– Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com

Source: CBL Properties