Charleston Attracts Noble Investment
- Jan 22, 2020
Citing strong and consistent growth in the Charleston, S.C., market, Atlanta-based Noble Investment Group has acquired a 133-key property located between downtown Charleston and the beaches of Isle of Palms and Sullivan’s Island.
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The Hilton Garden Inn Charleston| Mount Pleasant is located at the base of the Arthur Ravenel Jr. Bridge, which provides direct access to Charleston’s historic district about 3 miles from the hotel. The property is also about 9 miles from the Charleston International Airport and in close proximity to top employers including the Medical University of South Carolina, Boeing and Volvo.
The six-story asset was built in 2015. Amenities include a 24-hour business center and fitness center, a grab-and-go market, laundry facilities and free Wi-Fi throughout the property. The hotel also features a full-service restaurant, The Garden Grille & Bar, as well as a second-floor rooftop terrace with a swimming pool and fire pit. Guests also have access to more than 5,000 square feet of flexible meeting and event space, including indoor and outdoor areas.
Charleston is frequently recognized as a top national and global travel destination and was named the No. 1 Best Small City in the U.S. by Conde Nast Traveler in its Readers’ choice Awards in 2019. Travel + Leisure also rated Charleston as the top city in the U.S. for the seventh consecutive year and the No. 12 Best City in the World. Marcus & Millichap’s Second Half 2019 Hospitality Report for the Carolinas noted developers completed more than 2,000 guestrooms in the Charleston market over past eight quarters ending in June 2019. The report stated that steadily improving occupancy and RevPAR had heightened investor demand for hotels in the Carolinas, with total sales up nearly 30 percent in the 12 months ending in June 2019 in South Carolina. Economy and mid-scale hotels sold with greater frequency during that period. In South Carolina, Marcus & Millichap reported the average daily rate rose 1.0 percent, while RevPAR was up slightly, at 0.7 percent.
More Noble deals
The Charleston transaction comes a few weeks after Noble completed the acquisition of the Hampton Inn & Suites Downtown Denver and Homewood Suites by Hilton Downtown Denver, with a combined 302 guestrooms and suites. The dual-branded hotels also have a fitness center, an indoor pool and whirlpool, more than 7,000 square feet of meeting space and the 550 Bar and Patio for food and cocktails. The hotels are centrally located in downtown Denver, which has more than 25 million square feet of Class A office space, more than 300 restaurants, three major sports stadiums, the Pepsi Center, Denver Performing Arts Center and a variety of art and history museums.
Late last year, Noble added the 135-key, seven-story New Haven Hotel near Yale University in downtown New Haven, Conn. In May, Noble secured $31.2 million in construction financing from Regions Bank for the development of the 169-key Element Nashville West End.