Marcus & Millichap announced the sale of the 133-room Hampton Inn & Suites Greenville/Spartanburg located at 108 Spartangreen Boulevard. The sales price was $11.3 million, or $85,150 per key.
The listing agents were David Greenberg, VP investments, and Robert Hunter, senior associate, both of the firm’s Fort Lauderdale office. Greenberg and Hunter also secured the buyer. Raj Ravi is Marcus & Millichap's broker of record in South Carolina.
“Greenville-Spartanburg, South Carolina is a high-barrier-to-entry but growing market and the Hampton Inn offers an opportunity for maximized revenues,” says Greenberg.
The property is a five-story, limited-service hotel with 38 oversized suites and high visibility to commuters along Interstate 85. It is located about four miles from the newly constructed Tyger River Park, a $17-million sports complex that has hosted as many as 7,000 out-of-town visitors per event, and about five miles from the only BMW manufacturing plant in the United States. Spartanburg is also home to the world headquarters of Denny's restaurant chain.