New South Carolina Hotel Properties Financed for $25M

Both properties have been remarkably viable in a weak national hospitalitymarket, said Steve McRae, VP in the mortgage corporation'sAtlanta loan production office."Charleston has been a terrific market, it's weathered the post 9-11 stormquite well," McRae told GlobeSt.com. "We've seen continued demand for roomnights. It's probably one of the very small handful of markets nationallythat's come through in that period in grand performance."

He said he's seen in most major markets a significant downturn inhospitality demand, and lower occupancies."Thus, there's been a singular lack of hotel development available," McRaesaid.

The two buildings are located next to each other but not connected, onChurch and Hayne streets."They are on adjoining parcels of land. The Doubletree has a courtyard thatruns through, and Haynes is at the end of the courtyard," McRae said.

The Doubletree has 182 rooms, all suites, while the newer Haynes has 30large, normal hotel rooms, he said.Haynes was built by the owner of the property and finished in the middle of2000, McRae said.

Joyce Patterson of GMAC said the properties, because of designation rules inthe historic Charleston area, had to keep two separate names.The property is a total of 187,574-sf, and is situated on 1.12 acres.McRae was the loan originator, assisted by Gary P. Joachim of SivicaProperties Inc. in Roswell, Ga.Loan proceeds allowed the owner to recoup a portion of the equity investedin the expansion, McRae said.