X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.