A 95-room hotel in Summerville, South Carolina, has been sold for $12.9 million in a recently closed deal handled by Marcus & Millichap, a leading commercial real estate investment firm. The Avid Hotel Summerville, built in 2021, is located directly off Interstate 26 at 301 Holiday Drive, just 2.3 miles from downtown Summerville and 23 miles from downtown Charleston.
The property’s modern construction, strategic location, and strong market performance attracted investor interest, reflecting the region’s continued growth and appeal.
Strong Confidence in Limited-Service Hotel Investments
Jack Davis, Senior Vice President of Investments at Marcus & Millichap, explained the importance of this sale in a statement, saying:
“This sale demonstrates continued investor confidence in high-quality, limited-service assets, especially in strong-growth markets like Summerville.”
He further noted that the transaction closed at a sub-8% cap rate, which indicates both the strong financial performance of the hotel and the long-term potential of the Summerville and Charleston market.
This sale also marks Marcus & Millichap’s 15th hotel deal in the Charleston region within the last 36 months, showcasing the active hotel investment market in South Carolina.
Exclusive Marketing by Marcus & Millichap
The hotel was exclusively listed and marketed by a team of experienced Marcus & Millichap investment specialists, including Jack Davis, Sam Gardner, Chase Dewese, Chris Gomes, Skyler Cooper, Joce Messinger, and Allan Miller.
While the seller’s identity has not been revealed, Davis, Messinger, and Dewese were successful in procuring the buyer, whose name has also not been disclosed. These kinds of confidential transactions are common in commercial real estate to protect both parties involved.
The $12.9 million sale of the Avid Hotel Summerville is a clear signal of the robust interest in limited-service hotel properties in growing markets like Summerville and Charleston. Built in 2021 and positioned conveniently near key locations and highways, the hotel offers long-term value to investors.
With strong fundamentals, a modern design, and continued population and tourism growth in the region, this property is well-positioned for future success. Marcus & Millichap’s role in completing yet another hotel transaction in this region further underlines their expertise and deep network in the hospitality sector.
