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Mumford Company completes sale of the Homewood Suites-Mt. Pleasant of Charleston, SC

Friday, April 25, 2014
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The Mumford Company
The Mumford Company

The Mumford Company was pleased to represent The Suites at Seaside, LLC in
the recent sale of the Homewood Suites-Mt. Pleasant of Charleston, South Carolina to Rupa, LLC. The sellers, the original developers of the property, disposed of the asset as part of a strategic effort to focus their resources on their asset footprint in the Mid-Atlantic region. The purchasers, a local investor group, wanted to increase their holdings in the greater Charleston market. Rupa, LLC retained Vision Hotel Group of Chattanooga, Tennessee to manage the asset and oversee completion of a significant renovation.

David Mumford, Senior Principal of Mumford Company’s Newport News office represented the Seller on this transaction and offered these comments. “We were pleased to have strong interest in this attractive asset, with 4 offers at the eventual transaction pricing. The depth of the market area and the strength of
the hotel’s performance generated buyer interest from both institutional and individual investors from coast to coast. This is one transaction in which both buyer and seller achieved their desired objectives.”

Situated on the Isle of Palms Connector at Seaside Farms, the Homewood Suites has a solid location in a proven market with numerous corporate and leisure demand generators. The hotel is a 4 story, interior corridor structure that was built in 2002. It consists of 107 guest suites, meeting facilities, business center, exercise room and outdoor pool. It also boasts an attractive courtyard area

Mumford Company is a hotel real estate brokerage firm with a commitment to results-oriented customer service that has accomplished over 900 completed transactions in its 36-year history. With its' experienced sales team in five regional offices across the country, including the company's newly opened Washington DC office, Mumford Company is a leader in the sale of mid-market and economy hotels. For
more information contact Mumford Company at (757) 873-0962.

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