{"id":1004125297,"date":"2015-08-14T04:37:49","date_gmt":"2015-08-14T12:37:49","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=357917"},"modified":"2025-02-18T05:22:17","modified_gmt":"2025-02-18T13:22:17","slug":"hotel-transaction-activity-reenergized-in-charleston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hotel-transaction-activity-reenergized-in-charleston\/","title":{"rendered":"Hotel Transaction Activity Reenergized in Charleston"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

Three hotels totaling 248 guest rooms recently changed hands in North Charleston, SC.<\/p>\n

\"The<\/a><\/p>\n

The Residence Inn by Marriott Charleston North\/Ashley Phosphate<\/p>\n<\/div>\n

A joint venture between Hotel Development Partners, LLC and funds managed by the real estate group of Ares Management<\/a>, L.P. of Los Angeles acquired the properties for a combined $29 million. According to The Post and Courier<\/a><\/em>, the sellers were affiliates of Columbia-based Gateway Hospitality<\/a>.<\/p>\n

All three hotels are clustered together just 15 minutes away from the city\u2019s historic downtown area and include a Residence Inn and a Fairfield Inn & Suites, both Marriott-flagged lodgings, as well as a Sleep Inn, which belongs to the Choice Hotels brand.<\/p>\n

County records indicate that the sale of the properties occurred on July 20. The Residence Inn by Marriott Charleston North\/Ashley Phosphate sold for $17 million, the Fairfield Inn & Suites by Marriott Charleston North\/Ashley Phosphate sold for $8 million, while the Choice Hotels property sold for $4 million.<\/p>\n

Atlanta-based HDP is a joint venture between IRE Capital<\/a> and Hotel Equities<\/a>, which has assumed management of the three hotels. As part of their value-add strategy, the new owners are now planning additional renovations to the properties later this year.<\/p>\n

This transaction comes on the heels of the acquisition of seven Atlanta hotels by HDP and funds managed by Ares, bringing the partnership\u2019s total number of jointly-owned hotels to ten.<\/p>\n

“This portfolio addition gives us three Marriott hotels in Charleston and a total of four in a market that continues to grow, especially in the northern part of the city,” Fred Cerrone, COO of HDP and founder & CEO of Hotel Equities, said in a prepared statement.<\/p>\n

HDP also owns the 102-key Fairfield Inn & Suites Charleston Airport, which was purchased in 2012 for $9.4 million.<\/p>\n

Photo credits: www.marriott.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Three hotels totaling 248 guest rooms recently changed hands in North Charleston, SC.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004125297","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nHotel Transaction Activity Reenergized in Charleston - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hotel-transaction-activity-reenergized-in-charleston\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hotel Transaction Activity Reenergized in Charleston\" \/>\n<meta property=\"og:description\" content=\"Three hotels totaling 248 guest rooms recently changed hands in North Charleston, SC.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hotel-transaction-activity-reenergized-in-charleston\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-14T12:37:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-18T13:22:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/The-Residence-Inn-by-Marriott-Charleston-North-Ashley-Phosphate.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hotel-transaction-activity-reenergized-in-charleston\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hotel-transaction-activity-reenergized-in-charleston\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Hotel Transaction Activity Reenergized in Charleston\",\"datePublished\":\"2015-08-14T12:37:49+00:00\",\"dateModified\":\"2025-02-18T13:22:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hotel-transaction-activity-reenergized-in-charleston\\\/\"},\"wordCount\":306,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hotel-transaction-activity-reenergized-in-charleston\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/08\\\/The-Residence-Inn-by-Marriott-Charleston-North-Ashley-Phosphate.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hotel-transaction-activity-reenergized-in-charleston\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hotel-transaction-activity-reenergized-in-charleston\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hotel-transaction-activity-reenergized-in-charleston\\\/\",\"name\":\"Hotel Transaction Activity Reenergized in Charleston - 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