RCB Hospitality #3 LLC acquired the 159-room hospitality building at 5991 Rivers Ave. in Charleston, SC from Shree Ganpati Hotels LLC for $5.3 million, or about $33,333 per key.
The Radisson Hotel is located minutes from Charleston International Airport and Charleston’s historic district. It totals about 115,000 square feet and is eight stories high. The buyer plans on holding the investment as a value-add opportunity, completing some much-needed renovations and selling the property at a later date.
No brokers were involved in the direct deal. The all-cash deal closed escrow in just 25 days.
Please see CoStar COMPS #2277073 for more information on this transaction.