Extended Stay America North Charleston, SC

UNDER CONTRACT

• Fee-simple interest in the corporate owned and corporate managed 126-room Extended Stay America (ESA) Charleston – North Charleston, SC
• Available for individual sale, part of a South / Southeast ‘Sun-Belt’ 17-property portfolio available in the auction events ending on March 15th-16th
• Ability to purchase any combination of the 17-assets, affording buyers the opportunity to capitalize on strong regional operating economies of scale
• Strong in-place performance with trailing-24 month average year-over-year ADR gains of nearly 14%
• Offered unencumbered of brand, debt, and management – with a variety of alternative brand options available for conversion
• Product type with fully equipped kitchens is ideal for potential residential conversion or other alternative use pending zoning and municipality approval
• Charleston International Airport Is located less than three miles from the hotel and is planning a $150MM expansion to include 11 new gates, two new wings, and a 7,000-car parking garage amidst a projected record +5MM passengers for 2022
• Ideally located within North Charleston, proximate to all regional demand including Boeing, Charleston City Market, Joe Riley Waterfront Park, Fort Sumnter, and the South Carolina Aquarium
• Property is readily accessible via Interstate 26 with upwards of 133,000 vehicles passing the location daily
• Rare opportunity to purchase corporate owned ESA assets amidst their first public marketing of properties since the +$6B portfolio acquisition in June 2021
• Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
• Extended stay economy product has also vastly outperformed all other lodging sectors in recent years, with particularly robust growth amidst the COVID recovery
• High margin business model is ideally well positioned for any forward economic contraction given limited labor requirements with no sales department or food and beverage offering
• Charleston is amongst the most sought after tourism markets in recent years and currently welcomes more than 7MM visitors annually
• South Carolina’s 2022 population growth made it the third-fastest growing state in the nation this year
• The Charleston Tri-County area is currently welcoming nearly 30 new residents every day