Cushman & Wakefield has arranged the sale of Holiday Inn Rock Hill, a 114-room property located in Rock Hill, SC.
Rick Redmond, David Greenberg, Chris Passeggiata and Gabriel Shamay of Cushman & Wakefield represented the seller, Kismet Rock Hill LLC, in the transaction. The hotel was acquired by CN Hotels.
“This was a challenging deal as it required us to navigate multiple headwinds, including new hotel supply in the market, tight timelines for seller’s maturing debt, a franchise-mandated property improvement plan and multiple prior attempts to sell the property through other brokers,” said Redmond, a director of hospitality at Cushman & Wakefield, who is based out of the firm’s Charleston office. “After fielding 12 offers, we were able to transact by demonstrating future cash flow and upside in the property, which can be achieved through new management and completion of an improvement plan.”
The five-story hotel was built in 2009 and includes a banquet room, restaurant, bar and indoor pool. As part of the acquisition, the buyer will maintain the Holiday Inn by IHG brand and make necessary improvements.
