CHARLESTON, WEST VIRGINIA Forest City Enterprises Inc. has sold the 352-key Charleston Marriott, West Virginia, to Inland American Lodging Group for US$25.5 million, or about US$72,000 per key.
Marriott will continue to manage the hotel under a long-term agreement.
“Inland American is pleased to add another full-service Marriott hotel to our lodging portfolio,” says Inland American Lodging Advisor Inc. President and CEO Marcel Verbaas. “The Charleston Marriott Town Center is the premier transient and group meeting hotel in the region and has historically exhibited a very strong and stable yield performance. With our plans to renovate and upgrade the rooms and lobby over the first few years of our ownership, we believe this hotel will be well-positioned to produce solid cash flow returns for our stockholders.”
With the addition of Charleston Marriott, Inland American owns 56 hotels affiliated with various Marriott brands, including six full-service Marriott hotels.