Midas Clemson LLC sold the Courtyard by Marriott Clemson to Pappas Hotels for $15.65M. Located at 201 Canoy Lane in Clemson, S.C., the 110-room hotel is the only upscale, franchised hotel in the Clemson University area, which is 1.4 miles away.
Property: Courtyard Clemson in Clemson, S.C.
Price: $15.65M
Seller: Midas Clemson LLC
Buyer: Pappas Hotels
The Courtyard Clemson features 110 guest rooms and suites. Amenities include an outdoor pool, fitness center, restaurant, convenience store, guest laundry and meeting space.
Pappas Hotels was attracted to the property because of its strong in-place cash flow, market outlook and proximity to Clemson University.
“This is an exceptional asset in a healthy market,” said Justin Jabara, president of Meyer Jabara Hotels (MJH), who assisted the buyer with the sale.
“With more than 29,000 undergraduate and graduate students enrolled at Clemson University, this hotel is a top choice for out-of-towners visiting students and coming for games, graduation, alumni weekends and campus tours,” said Jabara.
Renovations to the hotel have already begun and include the replacement of all soft goods and flooring, a makeover to the onsite café, called The Bistro, and lobby and an expansion of the meeting space to incorporate lobby areas for meetings and receptions.
“The upcoming renovation will ensure that the Courtyard Clemson remains the place to stay for consistent, professional service and clean, modern rooms with in-demand amenities. Guests will experience hospitality at its finest and enjoy all this small town has to offer,” said Jabara.
The transaction included a CMBS loan assumption. MJH, who also manages the property, was able to work with the loan servicer to expedite the transition of the loan to the buyer.
