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.