A Minnesota hospitality and real estate firm has acquired a hotel near Tanger Outlets in what appears to be the buyer's first acquisition outside of its home state.
An affiliate of the Nath Companies recently purchased the 166-room Crowne Plaza in North Charleston for $18.3 million, or $110,240 a key, according to county land records.
The seller was Atlanta-based Peachtree Hotel Group. It paid $13.25 million for the property in 2014.
The hotel opened along Interstate 26 in 1989 on what when then North Arco Lane. It operated as a Quality Suites until 2010, when it reopened as a Crowne Plaza on the renamed Tanger Outlet Boulevard after a major renovation and rebranding.
The lodging has been maintained a four-diamond rating from the AAA travel club for the past six years.
Nath Comanies is based in Bloomington, Minn. It did not immediately respond to a request for comment. According to its website, the company has one other hotel, a Radisson in the Minneapolis-St. Paul area. Nath also owns a property management business and several restaurants in Minnesota.