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2415 Mall Drive

Baron Hospitality Acquires Hotel In North Charleston For $13.3M
SOLDHotel

Baron Hospitality Acquires Hotel In North Charleston For $13.3M

2415 Mall Drive

$13,300,000

Building Size

Asset Type

Hotel

Closing

Jun 10, 2024

AI

The Courtyard North Charleston, a 123-room hotel located at 2415 Mall Drive in North Charleston, South Carolina, was recently sold for $13.3 million. This hotel, built in 1999, is strategically positioned near key attractions such as the Charleston International Airport and Tanger Outlets Charleston.

Summary of transaction details:

Marcus & Millichap played a pivotal role in facilitating the sale of the Courtyard North Charleston to Baron Hospitality. The brokers involved in this transaction were Chase Dewese, Jack Davis, and Joce Messinger from Marcus & Millichap.

Players

Jack Davis

Marcus & Millichap

Broker

$100.9M

vol

7 deals

Broker

North Charleston Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.19%

Cash-on-Cash

-0.34%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93