Exciting Change in Charleston: Hyatt Hotel Complex Sells!
Hey there, Charleston! We’ve got some exciting news to share with you that could shake things up for our beautiful city. The renowned Hyatt House and Hyatt Place hotel complex, sitting pretty at 560 King Street, is set to change hands! Yes, you heard that right! This dual-flagged hotel, which has been a unique feature in our skyline, has just been sold to an Alabama-based investment firm. Pretty interesting, right?
What’s the Big Deal?
Well, this isn’t just any old real estate transaction; it’s being eyed as one of the priciest in Charleston this year! The German company Union Investment, which has owned the nine-story properties since 2018, confirmed the sale in a statement on November 15th. While the sale price has not been disclosed, we know they originally snagged the Hyatts for a whopping $121 million back in 2018, making it a record-breaking purchase at that time. Talk about a savvy investment!
The hotel complex is a centerpiece of a larger 4.2-acre development known as Midtown. With a total of 304 rooms – 113 apartment-style rooms in Hyatt House and 191 conventional rooms in Hyatt Place – this location truly caters to a diverse range of travelers. Whether you’re looking for a weekend getaway or a longer stay in our lovely city, these hotels got you covered!
New Owner, New Opportunities
The new owner, Highline Hospitality Partners, is making its first splash in South Carolina’s market. Based in Alabama, this firm has a portfolio of at least 12 hotels spanning from Atlanta all the way to Utah. Highline didn’t waste any time in responding to the news, although we are still waiting for more details from them. They have decades of combined experience and are sure to bring their hospitality flair to the area.
What About the Future?
With this shift in ownership, there’s an optimistic buzz in the Charleston air about the local hotel market. According to real estate expert Jack Davis, we’re on the upswing when it comes to hotel sales. More transactions are happening, thanks to increased demand for short-term stays and longer-term accommodations in our vibrant downtown. The city has been bustling with industrial growth, and travelers just can’t get enough of our charming streets and historic sites!
Davis pointed out that while there are some exciting new projects in the pipeline, building new hotels is a big task – one that takes both time and money! Existing properties like our beloved Hyatts are becoming increasingly appealing to buyers willing to pay a premium for a piece of the action. Sounds like an exciting time for our local economy!
What Does This Mean for You?
As a resident or visitor in Charleston, you might be wondering what this new ownership will mean for your experiences. Well, both hotels offer fantastic amenities including a fitness center, a pool, various shopping options, and even a rooftop bar reserved exclusively for guests. It’s all about making your time in Charleston both enjoyable and memorable!
As we keep an eye on how this unfolds, one thing is clear—Charleston continues to be an attractive location for hospitality investments and will only keep growing in popularity. And who doesn’t love a little more buzz in our vibrant community? Stay tuned for more updates!
For now, let’s raise a glass to the future of hospitality in our beautiful city. Cheers, Charleston!
