HDP, Ares Management Acquire Hotels in South Carolina

ATLANTA—Hotel Development Partners (HDP) and funds managed by Ares Management, LP,  purchased three select-service hotels with an aggregate of 248 rooms in North Charleston, SC.

The hotels include the Residence Inn by Marriott Charleston North/Ashley Phosphate, the Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate and an undisclosed Choice Hotels International-branded product.

According to CEO Allen T. O’Brien, HDP plans additional renovations to the three properties later this year.

This transaction is the 10th acquisition made by the partnership of HDP and funds managed by Ares, with seven in the greater Atlanta market and three in the greater Charleston market.

Steve Wolf, partner in the Ares Real Estate Group, stated, “Investments in stable assets that can be further enhanced fit nicely into our longstanding value-add strategy, and we look forward to working with HDP on [the]repositioning.” 

Hotel Equities, which has a joint-venture partnership with HDP, assumed management of the three hotels.