A South Carolina hotel owner has sold three properties in North Charleston for a combined $29 million.
The buyers were formed by Atlanta's Hotel Development Partners and investment funds run by Ares Management LP of Los Angeles. The sellers were affiliates of Columbia-based Gateway Hospitality.
The sales closed July 20, according to county land records.
The properties that changed hands are a Residence Inn and a Fairfield Inn & Suites, both Marriott-flagged lodgings, and a Sleep Inn, which is a Choice Hotels brand. They have combined 248 rooms near Ashley Phosphate Road and Interstate 26. The individual sale prices were $17 million, $8 million and $4 million, respectively.
Hotel Development Partners plans to make renovations to all three lodgings starting this year, CEO Allen T. O'Brien said in a written statement.
Atlanta-based Hotel Equities, which is part of a joint venture with O'Brien's company, has assumed management of the properties.
The deal gives Hotel Development Partners four locations in North Charleston. In 2012, it paid $9.4 million for the 102-room Fairfield Inn & Suites Charleston Airport near Tanger Outlets.
The buyers were formed by Atlanta's Hotel Development Partners and investment funds run by Ares Management LP of Los Angeles. The sellers were affiliates of Columbia-based Gateway Hospitality.
The sales closed July 20, according to county land records.
The properties that changed hands are a Residence Inn and a Fairfield Inn & Suites, both Marriott-flagged lodgings, and a Sleep Inn, which is a Choice Hotels brand. They have combined 248 rooms near Ashley Phosphate Road and Interstate 26. The individual sale prices were $17 million, $8 million and $4 million, respectively.
Hotel Development Partners plans to make renovations to all three lodgings starting this year, CEO Allen T. O'Brien said in a written statement.
Atlanta-based Hotel Equities, which is part of a joint venture with O'Brien's company, has assumed management of the properties.
The deal gives Hotel Development Partners four locations in North Charleston. In 2012, it paid $9.4 million for the 102-room Fairfield Inn & Suites Charleston Airport near Tanger Outlets.
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