Hotel AG Announces Sale of a Candlewood Development
ATLANTA, GA, May 4, 2009 - Hotel Assets Group, LLC (Hotel AG), announced today that the firm arranged the marketing and sale of an approved Candlewood Suites development located in Port Royal, South Carolina. The site was sold to Newport Hospitality Group on behalf of an association with The Spartan Group of South Carolina for an undisclosed amount.
"Due to a deep relationship with the buyer and seller we were able to facilitate a quick close, which in today's economy is extremely challenging," remarked Alex White, vice president of Hotel AG. "The Candlewood Suites project meets the demand need of the Port Royal market and represents one of the best extended-stay brands available."
Port Royal is a town located in the southernmost county in South Carolina, situated between Savannah, Georgia, and Charleston, South Carolina. The area, known as the Low Country, is home to two military installations, the Naval Hospital and the Marine Corps Recruit Depot at Parris Island. Port Royal is located three miles from the historic city of Beaufort, a popular tourist destination and home of the Marine Corps Air Station.
The approved three-story, Candlewood Suites will feature 82 keys with 12 studio suites, 20 one-bedroom suites and 50 two-bedroom suites each with fully equipped kitchenettes. Amenities will include an on-site fitness center, guest laundry facility and the signature Cupboard by Candlewood Suites convenience shop.
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