HREC arranges sale of two South Carolina hotels

HREC Investment Advisors arranged sale of the 100-guestroom Hampton Inn & Suites Charlotte-Arrowwood Road located in in Charlotte, N.C., and the 110-guestroom Hampton Inn Columbia Northeast-Fort Jackson Area Hotel located in Columbia, S.C. Both properties were acquired by an entity sponsored by Lowe Enterprises Investors.

Monty Levy, SVP in the HREC Atlanta office, and Geoff Davis, president & senior principal in the Denver office, exclusively represented the seller, a joint venture between an investment joint venture led by Terrapin Investment, in this transaction. Both properties had been managed by Terrapin Investments and the buyer has retained Terrapin to continue managing both assets.

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"As our first advisory engagement for this seller, we were delighted to source such a high-quality buyer as Lowe Enterprises Investors," noted Davis. Added Levy, “We believe that this transaction represents a true win-win, as the seller was able to exit its investment in these assets at a very accretive price while at the same time significant further upside exists for the buyer following the completion of the PIP’s given that the assets are located in two of the most dynamic markets in the Southeast."

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