Hotel Development Partners (HDP) and funds managed by Ares Management purchased three select-service hotels with a total of 248 rooms in North Charleston, S.C. The hotels include two carrying the Marriott brand—the Residence Inn by Marriott Charleston North/Ashley Phosphate and the Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate—as well as a third that is part of the Choice Hotels portfolio of brands.
Clustered together in an area 15 minutes from Historic Downtown Charleston, the hotels are positioned for both leisure and business travelers. This transaction is the tenth acquisition made by the partnership of HDP and funds managed by Ares, with seven in the greater Atlanta market and now three in the greater Charleston market.
In conjunction with this transaction, Atlanta-based Hotel Equities, which has a joint venture partnership with HDP, assumed management of the three hotels. "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," stated Fred Cerrone, Chief Operating Officer of HDP and Founder & CEO of Hotel Equities.