Saturday, May 20, 2017

HFF closes sale of two-property hotel portfolio in Charleston, SC and Bluffton/Hilton Head, SC

  
Candlewood Suite Bluffton/Hilton Head, SC

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a two-property Candlewood Suites portfolio totaling 249 rooms in Charleston and Bluffton/Hilton Head, South Carolina

HFF marketed the property on behalf of the seller, Liberty Group.  Affiliates of DC Hospitality Group, LLC purchased the assets unencumbered of debt and existing management.  Liberty Group acquired the hotels in 2013 and 2014 through its private-equity vehicle, Liberty Hospitality Fund I, LLC.


Candlewood Suites Charleston, SC
The portfolio comprises the 125-room Candlewood Suites Charleston and the 124-room Candlewood Suites Bluffton/Hilton Head.  Both four-story hotels are pet friendly and feature the Candlewood Cupboard, sundry shop, an outdoor gazebo grill and 24-hour fitness center.

The Candlewood Suites Charleston was developed in 2007 and renovated in 2014. 

Situated on 3.26 acres at 2177 Northwoods Boulevard in North Charleston, the hotel is adjacent to Interstate 26 and is proximate to Charleston International Airport.  The Candlewood Suites Bluffton/Hilton Head was developed in 2010 and renovated in 2014.

 In addition to the above-mentioned amenities, the hotel has an outdoor pool.  The Candlewood Suites Bluffton/Hilton Head is housed on 3.3 acres at 5 Young Clyde Court in the Bluffton/Hilton Head area, which is one of the most popular tourist destinations in the southern United States with 2.5 million annual visitors.

Michael Weinberg
 The hotel is in the epicenter of the 10,000-acre Sun City Hilton Head master-planned community situated along US 278, the primary thoroughfare to Hilton Head Island.

The HFF team was led by senior managing director Michael Weinberg, associate director Preston Reid and director Chris Lingerfelt.

“The sale of these hotels represented the successful full-cycle execution of our fund investment strategy,” stated Punit Shah, Chief Executive Officer of Liberty Group. “The sale of these assets validates the appeal of select-service and extended-stay hotels to both institutional and strategic purchasers.”

“The portfolio offers a tremendous opportunity to acquire two strong-performing assets in flourishing areas across the Southeast,” Lingerfelt said.  “Both the Charleston and Bluffton/Hilton Head lodging markets are supported by healthy demand generators and are poised for long-term growth.”

 “We continue to see robust interest for branded select-service and extended-stay assets in strong southeastern markets, especially when they have a strong going-in yield coupled with below replacement cost pricing,” Reid added.

 For a complete copy of the company’s  news release, please contact:

Kristen Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com


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