Welcome Hotels Purchases Comfort Inn for $3.35M from Chapter 11 Trustee
- May 02, 2014
By Eliza Theiss, Associate Editor
MBA Hotel Brokers Inc. has announced the sale of the 153-key Comfort Inn Carowinds, located within the Charlotte, N.C. metro area in Fort Mill, S.C. Buyer Welcome Hotels of Fort Mill Inc. paid $3.35 million for the asset.
MBA Hotel Brokers entered a co-brokerage agreement with South Carolina brokers Hunter Realty Associates Inc. to exclusively represent the seller, a court-appointed Chapter 11 trustee, identified as David Kalik of True Blue Hospitality. The seller received legal counsel from Harrison Penn of McCarthy Law Firm. The hotel was put in receivership by the lender in February 2013. After the borrower filed for bankruptcy, the court-appointed trustee arranged for the sale of the property.
“This transaction required extra effort by MBA Hotel Brokers due to the transitions with the receiver and then the trustee of bankruptcy court. We basically had to sell the hotel twice. Our marketing clearly created competition and drove maximum value for the asset,” Charlie Fritsch, president of MBA Hotel Brokers said.
Located at 3725 Avenue of the Carolinas, less than 12 miles from downtown Charlotte, the four-story hotel benefits from high visibility and easy accessibility from I-77. The property is adjacent to Carowinds Amusement Park, which provides a steady stream of guests throughout the summer months.
Built in 1986, the property underwent renovations while under the management of the receiver. Amenities include an outdoor pool, fitness center, high-speed Wi-Fi and onsite parking, including truck and bus parking.
Maryland-based MBA Hotel Brokers is a member of Hotel Brokers International (HBI), a leader in hotel real estate sales. Founded in 1959, HBI has brokered in excess of 10,000 hotel real estate sales and as of late has been responsible for 48 percent of all select-service and economy hotel sales in the U.S.
Click here for further Charlotte market data
Image courtesy of MBA Hotel Brokers