NEW YORK, NY–PMZ Realty Capital LLC, a national boutique real estate investment banking firm focused on creating advantageous capital structures for its clients, announced today that it arranged $70,000,000 in joint venture equity and debt financing to recapitalize two properties in the Rio Partners portfolio. The properties include the Holiday Inn Express Charleston Downtown – Medical Center located in Charleston, South Carolina, and The Partridge Inn Augusta, Curio Collection by Hilton located in Augusta, Georgia. The proceeds from the two separate transactions were used to pay off existing debt and upgrade the properties.
The 153-room Partridge Inn is in the district of Summerville with downtown Augusta, the medical and education community, along with Fort Gordon and shopping minutes away. The property is less than two miles from Daniel Field Private Airport and 10 miles from Augusta Regional Airport. Georgia’s second-oldest city is known worldwide for the Masters. Golfers will find several beautiful courses in the area along with the Augusta Riverwalk, home of the Jesse Norman Amphitheatre, museums, restaurants, and a children’s park.
“The strength of our diverse relationships with a multitude of capital sources allowed us to source equity capital from two private equity funds, one of which is new to investing in hospitality as well as debt from two separate debt funds,” said Michael H. Sonnabend, Managing Member, PMZ Realty Capital. “Rio Partners was able to complete a total recapitalization on both assets which will allow them to be better prepared for the return to pre-pandemic business levels.”
The 150-room Holiday Inn Express Charleston Downtown – Medical Center is a short distance to the cobblestone streets, world-class restaurants, one-of-a-kind shops of Historic Charleston. The property guests with convenient access to Charleston Farmer’s Market, Folly Beach, The Citadel – Johnson Hagood Stadium, Boone Hall Plantation and Gardens, the South Carolina Aquarium, and is only 12 miles from the Charleston International Airport.