CBRE Hotels Arranges Sale of the Inn at USC
05 Nov 2018
CBRE announces it represented University Foundations and IMIC Hotels in the sale of the 116-room Inn at USC, a Wyndham Garden Hotel in Columbia, SC. Located at 1619 Pendleton Street on the campus of University of South Carolina, the hotel was acquired by Adventurous Journeys (AJ) Capital Partners. Expected to remain open for the entirety of the repositioning process, the hotel will undergo a comprehensive, multi-million-dollar renovation and ultimately become part of the Graduate Hotels collection. This is Graduate Hotels’ first planned hotel for the Carolinas.
Arpit Shah of CBRE Hotels’ Charlotte office and Martin Moore of CBRE’s Columbia office acted as exclusive agents for the sellers. According to Mr. Moore, “We are honored to have represented University Foundations and IMIC Hotels. IMIC Hotels and the Foundations developed and managed an excellent property,” said Mr. Moore. “We believe this transaction embodies the excellent work of both parties positioning the Inn for AJ Capital, a highly-respected operator, is well-suited to be the steward of this storied Gamecock property for many years to come. Of course, the efforts of the late Russ Meekins in making the Inn a huge success will never be forgotten.”
CBRE Hotels is a specialized team within CBRE, providing advisory, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.