Private equity firm JER Partners has bought the 297-room Marriott Charlotte Executive Park Hotel in Charlotte, N.C. for $21.2 million. JER plans to renovate the hotel's guestrooms, corridors, restaurant, meeting space and lobby. The firm did not release any estimates on the total renovation costs.
"Charlotte continues to be a leading center of economic growth in the Southeast," says Cia Buckley, senior managing director of North American Fund Investment Management at JER.
"JER believes that the economic diversification, pro-business environment, low cost of living and good quality of life in Charlotte will positively contribute to the success of our investment."
Sage Hospitality Resources of Denver, Colo., will manage the hotel.