Naman Hotels has sold a Staybridge Suites in North Charleston, S.C. Commercial real estate brokerage firm Marcus & Millichap oversaw the transaction. Terms of the deal were not disclosed.
“Charleston continues to attract interest from hotel investors across the country," Jack Davis, senior managing director, National Hospitality Group in Marcus & Millichap’s Charleston office, said in a statement. “Through our marketing process we generated more than 12 offers and ultimately found the right out-of-state buyer. The Staybridge Suites has a strong operating history, consistent cash flow, and an exceptional location at one of the busiest intersections in South Carolina, which continued to drive buyer interest throughout the process.”
Davis, Chase Dewese, Joce Messinger and Eric Webster of Marcus & Millichap exclusively marketed the property on behalf of Naman Hotels.
The five-story hotel was built in 2009 and sits on a 2.02-acre lot. The property has 93 rooms and amenities including onsite parking, an indoor pool, a fitness center and business center. The property is near the intersection of Ashley Phosphate Road and Interstate 26, close to Northwoods Mall, Tanger Outlets and the Charleston International Airport.
“This transaction represents our 17th hotel sale in the Charleston market over the past five years and reflects our understanding of the market and relationships with a strong network of active buyers,” Davis said.