Sale of Home2 Suites in Summerville
Feb 27, 2018 12:41PM ● By Emily Stevenson
Hunter Hotel Advisors announced that it represented the owners in the sale of the 93-room, Home2 Suites in Summerville. Condor Hospitality Trust, Inc. (NYSE American: CDOR), a select-service hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, purchased the hotel from an affiliate of MDK Hospitality, a North Carolina based hospitality firm.
The hotel opened in July 2017 and was purchased for $16,325,000 ($175,538 per key). According to Vice President Mayank Patel, “the Hunter team was able to run a discreet and efficient process that resulted in very attractive pricing in a transaction with an active buyer and a short closing time period. The dedication of the Hunter team and both buyer and seller led to an expedited closing in approximately two months after execution of the PSA.”
The Summerville market is home to several significant demand generators within the aerospace, automotive, bioscience, manufacturing, and technology industries. Volvo is spending $500 million to add a second production line in Berkeley County and Mercedes-Benz will spend $500 million for a new Sprinter van facility just south of Summerville. In addition, the new mixed-use Nexton community will eventually be home to 10,000 homes and over eight million square feet of commercial space.
“The Home2 Suites is well-positioned within the Summerville market, a dynamic and thriving area that continues to attract strong corporate investment”, said Vice President Mayank Patel.
The hotel opened in July 2017 and was purchased for $16,325,000 ($175,538 per key). According to Vice President Mayank Patel, “the Hunter team was able to run a discreet and efficient process that resulted in very attractive pricing in a transaction with an active buyer and a short closing time period. The dedication of the Hunter team and both buyer and seller led to an expedited closing in approximately two months after execution of the PSA.”
The Summerville market is home to several significant demand generators within the aerospace, automotive, bioscience, manufacturing, and technology industries. Volvo is spending $500 million to add a second production line in Berkeley County and Mercedes-Benz will spend $500 million for a new Sprinter van facility just south of Summerville. In addition, the new mixed-use Nexton community will eventually be home to 10,000 homes and over eight million square feet of commercial space.
“The Home2 Suites is well-positioned within the Summerville market, a dynamic and thriving area that continues to attract strong corporate investment”, said Vice President Mayank Patel.