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CHARLESTON, SC-American Property Hospitality Management is funding its acquisition of the Sheraton Hotel North Charleston-Convention Center with a $19.05-million loan. The financing was arranged by Neptune Hospitality Advisors, of San Diego.
The total acquisition cost was approximately $22 million, according to Neptune Hospitality president and founder Michael Armstrong. The Sheraton Hotel North Charleston-Convention Center is APHM's only holding in South Carolina. The new owner is penciling a renovation and will continue to operate the property as a Sheraton, according to Neptune Hospitality. APHM is an affiliate of APHC.
The 289-room, eight-story hotel is located at 4770 Goer Dr. in North Charleston. It features an indoor/outdoor pool, fitness center, business center and more than 10,000 sf of meeting space. The seller was a local company.
APHM previously owned the Charleston on the Beach, in Folly Beach, Armstrong says, but it sold the asset approximately six years ago. "APHM likes the market," he tells GlobeSt.com. "It will use [the Sheraton] as a foothold to grow in the region."
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