The dual-brand hotel concept will offer larger communal areas, including a 12,000-square-foot, 300-seat conference center and a 24-hour business center and fitness center. The hotel will also sport two distinct lobbies with two separate check-in desks and lodging and dining areas that aim to cater to the needs of specific guests. Hampton Inn aims more toward business travelers while Homewood Suites target budget travelers.

Hilton has been working the dual-branded hotel concept in the Southeast this year. In January, the company inked a deal for a dual-branded Hilton Garden Inn and Home2Suites by Hilton in Columbia, SC. The hotel development is slated to open in 2016 and will join Hilton Worldwide's current portfolio of 16 Hilton Worldwide dual-branded hotels.

Dual-branded hotels are certainly coming of age. Beyond the Southeast, a $172 million dual-branded Marriott opened this summer in Los Angeles and an $81.5 million dual-branded Hampton Inn & Suites and Homewood Suites by Hilton opened in Denver. Meanwhile, in Boston construction is underway on Starwood Hotels & Resorts dual-branded hotel development that will combine—Aloft Boston Waterfront and Element Boston Waterfront.

"Building a new hotel is more difficult than ever, particularly for developers looking for long-term sustainable yields in primary locations," Eric Wright, a hotel consultant with the Vancouver, Canada office of HVS Global Hospitality Services, tells Costar. "The multi-branded hotel emerged from this demanding environment for development, as well as the shift among hotel firms towards greater sophistication in tailoring guest experiences and targeting specific demand segments, thereby creating less overhead and greater cost efficiency."