RICHMOND, Va. (PRWEB) August 20, 2020
Sandpiper Lodging Trust (“SLT”) is pleased to announce its acquisition of two Candlewood Suites Hotels located in North Charleston and Bluffton, South Carolina from DC Hospitality. Both properties are mid-scale extended stay hotels located in two dynamic hospitality markets. Terms of the transaction were not disclosed.
Carter Rise, CEO of SLT, stated, “We are extremely excited to add these two hotels to the Sandpiper Lodging Trust portfolio. We have targeted the Charleston and coastal South Carolina market as an area with exciting long-term demographic advantages, and we are pleased to be able to acquire two quality assets in these markets.”
“Adding the Candlewoods Suites flag to our portfolio is consistent with our strategy to focus on mid-scale and upper end economy extended stay assets as we grow SLT. Our core extended stay portfolio has weathered the pandemic reasonably well, and we are grateful to our lenders and equity partners for their confidence in us as we continue to grow our footprint. We expect to continue to opportunistically grow our portfolio over the balance of the year and into 2021.”
Steve Davidson, Managing Member of DC Hospitality, commented “We are pleased to have successfully consummated the sale of these two Candlewood Suites properties to Sandpiper Lodging Trust. The sale marks the realization of a highly successful investment. It was a pleasure to transact with Carter and his team at Sandpiper, who were consummate professionals and performed their due diligence efficiently in a difficult execution environment amid COVID.”
SLT now owns 15 properties located in six states from the Mid-Atlantic region to Texas.
Based in Richmond, Va., Sandpiper Lodging Trust (“SLT”) is a nationally focused real estate investment trust recognized as one of the leading companies specializing in extended stay lodging properties. The company continues to develop its portfolio through ground-up development and selective acquisition of performing and non-performing properties. SLT, along with its affiliated funds, owns a total of 27 hotels under the Woodspring Suites and Candlewood Suites brands.
Sandpiper Hospitality, an affiliated hotel management company, manages the SLT portfolio and an additional 17 hotels for unaffiliated third parties. Sandpiper Hospitality has earned its position as the leading operator in the extended stay hotel segment of hospitality by combining the spirit of genuine, welcoming hospitality with superior financial returns, fueling the growth and prosperity of its various stakeholders – from associates to guests to owners and investors. For more information, visit http://www.sandpiperhospitality.com.