RICHMOND, Va. — Sandpiper Lodging Trust (SLT) announced this week its acquisition of two Candlewood Suites hotels located in North Charleston and Bluffton, S.C., from DC Hospitality. The companies did not disclose terms of the transaction involving the midscale, extended-stay hotels.
“We are extremely excited to add these two hotels to the Sandpiper Lodging Trust portfolio,” said Carter Rise, CEO of SLT. “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.”
Rise continued, “Adding the Candlewoods Suites flag to our portfolio is consistent with our strategy to focus on midscale 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.”
Based in Richmond, Va., SLT now owns 15 properties located in six states from the mid-Atlantic region to Texas.