Oct
31

Charleston Courtyard by Marriott Sold

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A 176-room hotel in Charleston’s historic district has been sold to a real estate investment trust based in Bethesda, Md., for $42 million.

RLJ Lodging Trust paid cash to buy the Courtyard by Marriott Charleston Historic District, located at the corner of Calhoun and Meeting streets, from Noble Investment Group of Atlanta. RLJ said the purchase price represents a cost of about $239,000 per room, which it said is a substantial discount to replacement cost.

“This hotel is an attractive acquisition with significant upside from its recent conversion to a Courtyard by Marriott and its terrific location in Charleston’s historic district, a market with high barriers to entry,” said Thomas J. Baltimore Jr., president and CEO. “We are very excited about this acquisition and believe it is a great addition to our portfolio and compliant with our investment strategy.”

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