Jones Lang LaSalle Hotels’ Select Service Division Closes Sale of Ramada North Charleston, SC (United States)
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Jones Lang LaSalle Hotels’ Select Service Division Closes Sale of Ramada North Charleston, SC (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- New brands / Affiliations
This is a press release selected by our editorial committee and published online for free on 2010-01-20
Transaction Signals Investor Interest in Assets with Significant Upside Potential
On behalf of 7401 Northwoods Boulevard Holdings, LLC, Jones Lang LaSalle Hotels’ select service division is pleased to announce the sale of the Ramada North Charleston, SC. The property was acquired by Homecourt Hospitality, which will also manage the property.
The 197-room hotel is located off Interstate 26, the main highway into Charleston from Columbia. North Charleston benefits from a large military presence, several convention facilities, and the overall strength of the Charleston market as a major port and tourist destination on the South Carolina coast. The property features over 6,000 s.f. of meeting space, indoor and outdoor swimming pools and a fitness facility.
“The acquisition of the hotel provides the new owner with an immediate short-term opportunity to improve operations and cash flow, along with a long term goal of potentially rebranding the hotel to achieve the highest investment returns,” said Ros Mallory, senior vice president for Jones Lang LaSalle Hotels.
“The fast-track marketing process generated a number of significant offers, indicating that there are active and willing buyers in today's market,” said Mark von Dwingelo, senior vice president for Jones Lang LaSalle Hotels.
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