Real estate investment banking firm PMZ Realty Capital has arranged $70 million in joint venture equity and debt financing to recapitalize two properties in the Rio Partners portfolio: The Holiday Inn Express Charleston Downtown – Medical Center in Charleston, S.C., and The Partridge Inn Augusta, Curio Collection by Hilton located in Augusta, Ga. The proceeds from the two transactions were used to pay off existing debt and upgrade the properties.
The 153-room Partridge Inn is in downtown Augusta’s Summerville district. The property is less than 2 miles from Daniel Field Private Airport and 10 miles from Augusta Regional Airport.
The 150-room Holiday Inn Express Charleston Downtown – Medical Center is a short distance from Historic Charleston and is 12 miles from the Charleston International Airport.
“The strength of our diverse relationships with a multitude of capital sources allowed us to source equity capital from two private equity funds, one of which is new to investing in hospitality as well as debt from two separate debt funds,” said Michael H. Sonnabend, managing member, PMZ Realty Capital. “Rio Partners was able to complete a total recapitalization on both assets which will allow them to be better prepared for the return to prepandemic business levels.”