Procaccianti Companies and joint venture partner Rugger Capital have acquired the 217-room Charleston Harbor Resort in Mount Pleasant, S.C.
In addition, Suntex Marinas has acquired the adjacent Charleston Harbor Marina, which has more than 450 slips. The resort will be managed by Dallas, Texas-based TPG Hotels & Resorts, while Suntex will own and operate the marina. The two properties will remain separately owned and operated.
Providence, R.I.-based Procaccianti plans to evaluate a renovation and repositioning of the Charleston Harbor Resort in the coming months. The resort and marina are located near historic downtown Charleston and the Patriots Point Naval & Maritime Museum.
“The combination of a premier waterfront location, strong operating fundamentals, multiple demand generators and meaningful opportunities for value creation makes this an exceptionally compelling acquisition in one of the country’s strongest hospitality markets,” Robert Leven, chief investment officer of Procaccianti Companies, said in a statement.
“Charleston Harbor Resort is exactly the kind of irreplaceable waterfront asset we seek to own for the long term, and we are proud to have brought this partnership together,” added John Phelan, founder and chairman of Rugger Capital.