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CHARLESTON, SC-Starwood Hotels & Resorts Worldwide Inc. has inked a binding agreement to sell the 296-room Sheraton North Charleston Hotel to Raleigh, NC-based Main Street Hotel LLC.

The sale is expected to close in the fourth quarter. The transaction price has not yet been released. A source at Starwood was not immediately available for further comment on the property.

The buying entity was formed by Sanjay Mundra, owner of Cary, NC-based First American Hotels Inc., which will manage the hotel. Mundra was not immediately available for comment. Starwood says Mundra plans to renovate the hotel and add “Convention Center” to the end of its name.

Starwood owns and/or manages some 740 properties in 80 Countries. Sheraton is its largest brand. The White Plains, NY-based public company says proceeds from the sale will be used to pay down existing debt and for other general corporate purposes.

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