LOS ANGELES–Lowe Enterprises Investors (“LEI”), in joint venture with a foreign investment client, has acquired the Hampton Inn & Suites Charlotte-Arrowood Road, located at 9110 Southern Pine Boulevard in Charlotte, NC and the 110-room Hampton Inn Columbia Northeast-Fort Jackson, located at 1551 Barbara Dive in Columbia, SC.
“These properties represent an opportunity to acquire well-located hotels in growing markets,” said Bleecker P. Seaman, co-CEO of LEI. “We have been active investors in both North Carolina and South Carolina due to the strong economy and stable job base.”
Hampton Inn & Suites Charlotte-Arrowood Road
The 100-room Hampton Inn & Suites Charlotte-Arrowood Road is located in the growing I-77 corridor area of Charlotte and near the Charlotte Beltway as well as Interstate 77. The property enjoys proximity to many of the area’s major employers, including Microsoft, Xerox, Siemens, GE, Walmart, Novant Health and Rockwell Automation, as well as the popular Carowinds Amusement Park. Built in 2000, the property features a fitness center, business center, onsite convenience store, complimentary shuttle, complimentary breakfast and pool.
Hampton Inn Columbia Northeast-Fort Jackson
The 110-room Hampton Inn Columbia Northeast-Fort Jackson is located near both Interstate 77 and Interstate 20 in Columbia approximately four miles from Fort Jackson, the U.S. Army’s largest training base. The property is also near several of the area’s major employers including Security Finance, Blue Cross and Blue Shield of South Carolina and Life Care Center of Columbia. The hotel features a fitness center, business center, complimentary breakfast and pool.
LEI will invest $3.6 million in capital improvements to the properties, including upgrades to building exteriors, public spaces and guestrooms.
Terrapin Investments and Management will continue to operate both properties. Chris Miller and Russell Munn led the investment team for Lowe Enterprises Investors. HREC Investment Advisors represented the seller in the transaction. Jon Larson of BBVA Compass Bank arranged financing for the transaction.
The transaction is the latest in LEI’s active hotel acquisition activities in select markets across the country. The firm recently acquired the Aloft Charlotte Uptown @ the EpiCentre on behalf of an investment client. LEI is joint venture partner on The Gramercy apartments, a 203-unit community being developed in the Glenwood South area of Raleigh. LEI’s affiliate, Lowe Enterprises, is the long-time owner and operator of Wild Dunes Resort near Charleston, SC. The firm continues to seek hotel and resort acquisition opportunities nationwide.
