A pair of hotels in the East Cooper and North Charleston markets have changed hands in separate deals totaling more than $17.6 million.
The smaller property commanded the higher price: The 107-room Homewood Suites in the mixed-use Seaside Farms development in Mount Pleasant fetched nearly $11.8 million, or about $110,200 per key.
The deal closed April 22, according to Charleston County property records.
The Homewood Suites was the first in South Carolina when it was built by investor Charles H. Wendell and The Beach Co. of Charleston in 2002 near Rifle Range Road and the Isle of Palms Connector.
The buyer was Rupa LLC of Bluefield, W.Va. It has retained Chattanooga, Tenn.-based Vision Hospitality Group to manage the hotel and oversee a renovation, according to a statement from The Mumford Co., which helped broker the sale.
The other deal involved the long-expected sale of the former Sheraton Hotel near U.S. Interstate 26 and Montague Avenue in North Charleston.
The 289-room InnPlace Hotel changed hands for nearly $5.9 million, or about $20,300 a key, on April 17.
The buyer, TD North Charleston Hotel LLC, shares the same address as Greenville-based JHM Hotels, which already owns two Marriott-branded lodgings on Lockwood Drive on the Charleston peninsula. JHM said last week it wasn't immediately prepared to discuss the purchase.
The value of the full-service InnPlace likely suffered from its past financial struggles and the fact that it isn't affiliated with a national chain anymore.
A California company lost the hotel in a foreclosure lawsuit in 2012 after it was unable to repay its $24.1 million mortgage balance.
After taking ownership, the lender retained the management firm that had been running the property and dropped the Sheraton affiliation to save money.
The hotel was put up for sale on Auction.com on Jan. 28 with a minimum bid of $2 million, according to online marketing materials.
Visible from I-26, the high-profile full-service hotel isn't far from the Boeing South Carolina campus, Tanger Outlet Center and the Charleston Area Convention Center. It has 13 meeting and banquet spaces. The hotel was opened in 1982.
Contact John McDermott at 937-5572.
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