Sandpiper Lodging Trust Has Acquired Two Candle wood Suites Hotels Located in South Carolina
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Sandpiper Lodging Trust announced the 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.”
