MBA Hotel Brokers Closes Sale of Independent Hotel, South Carolina
HARTSVILLE, S.C. November 12, 2015 - MBA Hotel Brokers, Inc. announced that they represented the seller in the sale of the Landmark Inn, Hartsville, South Carolina. Charlie Fritsch, President of MBA Hotel Brokers Inc. exclusively represented the seller, in co-operation with John Pharr, licensee in South Carolina. Charlie Fritsch also procured the buyer. The final sale price was $1,575,000.
The Landmark Inn is an independent hotel with 137 keys in 3 buildings that were built in 1973, 1987 and 1991 respectively. The construction is block and brick, 2 stories with exterior corridors. The property includes an outdoor pool and multiple conference and meeting rooms.
The property has been, and will continue to be, operated as an independent hotel. The hotel is clean and well maintained but, it is in need of some modern updates, which impacted the final sale price. Another influence on the final sale price was the growth of room revenue, which was much stronger in 2015 than 2014, due to both the market and management. MBA Hotel Brokers gave the property full exposure through its multi-media platform and attracted several strong buyer candidates.
Charlie Fritsch, of MBA Hotel Brokers said, “This was a unique opportunity for a buyer because of the hotel's history as an independent and long running family business. There were challenges even up until closing and until funding, but with hard work and constant communication, MBA Hotel Brokers closed the sale”.
MBA Hotel Brokers Inc. has been advising on hotel transactions for over 20 years. MBA Hotel Brokers has a corporate office headquartered in Maryland and six additional branch locations. MBA Hotel Brokers Inc. has closed hundreds of hotel sales, in 26 states throughout the USA. For more information, contact Charlie Fritsch at Charlie@mbahotels.com or go to www.mbahotels.com.
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