HFF closes $13.6 million sale of Crowne Plaza hotel in Greenville, South Carolina
CHARLOTTE, NC – March 9, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $13.6 million sale of the Crowne Plaza Greenville-I-385-Roper Mountain Road, a 203-room, premium-branded full-service hotel in Greenville, South Carolina.
HFF marketed the property on behalf of the seller. Greenville Hospitality Holdings LLC purchased the asset free and clear of debt and unencumbered of management.
Crowne Plaza Greenville-I-385-Roper Mountain Road (Crowne Plaza) was built in 1984 and received more than $1 million in renovations within the last year following a $4.4 million renovation in 2014. The six-story hotel features 7,000 square feet of function space, a business center, state-of-the-art 24-hour fitness center, indoor heated pool, lobby bar and Ruth’s Chris Steak House. Located at 851 Congaree Road in the eastern part of Greenville, the Crowne Plaza hotel is off of Interstate 385, less than two miles from Haywood Mall and approximately three miles from the TD Convention Center. Additionally, the hotel is five miles from downtown and eight miles from Greenville-Spartanburg International Airport.
The HFF investment sales team representing the seller was led by associate director Chris Lingerfelt, director Cyrus Vazifdar and associate director Alexandra Lalos.
“The Crowne Plaza Greenville offers a tremendous opportunity to acquire a newly renovated hotel in Greenville’s flourishing hotel market,” Lingerfelt said. “Capital from all over is taking an interest in the city’s vibrant economy, which generated a very competitive sale process. We expect to see more capital targeting this region in the year ahead.”
About Greenville Hospitality Holdings LLC
Greenville Hospitality Holdings LLC is an affiliate of Oceanside Resorts, Inc., which is a closely-held entrepreneurial real estate firm that owns and/or manages over a million square feet of signature hotel, commercial and retail properties primarily located along the Atlantic seaboard. Since its founding in Miami Beach in 1987, Oceanside has grown to become a major investor in many prominent properties throughout the Eastern United States, they are currently located in Asheville, North Carolina; Charlotte North Carolina; Charleston, South Carolina; Savannah, Georgia; Naples, Florida; Miami, Florida; and now Greenville, South Carolina.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.