Houston-based Moody National REIT I has entered into an agreement to acquire the Charleston Hotel, a Hyatt Place hotel in North Charleston, SC, for an aggregate purchase price of $11.8 million, excluding acquisition costs.
Located adjacent to the Charleston Area Convention Center and Centre Point Shopping Center/Tanger Outlets, The Hyatt Place Charleston Airport/Convention Center is a 6-story building featuring 127 guestrooms, according to the hotel website.
The acquisition of the Charleston Hotel is subject to substantial conditions to closing, including:
(1) the sale of a sufficient number of shares of common stock in the Company’s public offering to fund a portion of the purchase price for the Charleston Hotel;
(2) the Company’s ability to obtain financing for the acquisition of the Charleston Hotel on acceptable terms; and
(3) the absence of a material adverse change to the Charleston Hotel prior to the date of the acquisition.
The closing of the acquisition of the Charleston Hotel is expected to occur in the second quarter of 2013.
The Company intends to finance the acquisition of the Charleston Hotel with proceeds from the Company’s follow-on public offering and mortgage indebtedness secured by the Charleston Hotel.