The 95-room Avid Hotel Summerville, S.C., has sold for $12.9 million in a deal brokered by Marcus & Millichap.
Built in 2021, the property is located directly off interstate-26 located at 301 Holiday Drive, 2.3 miles from downtown Summerville and 23 miles from downtown Charleston.
“This sale demonstrates continued investor confidence in high-quality, limited-service assets, especially in strong-growth markets like Summerville,” Jack Davis, SVP, investments, said in a statement. “Closing at a sub-8 percent cap rate, this transaction highlights both the strength of the asset and the long-term potential for future growth in the region. It also marks our 15th hotel sale in the Charleston area over the past 36 months.”
Davis, Sam Gardner, Chase Dewese, Chris Gomes, Skyler Cooper, Joce Messinger and Allan Miller—investment specialists from Marcus & Millichap—had the exclusive listing to market the property on behalf of the seller, which was not disclosed. Davis, Messinger and Dewese procured the buyer, which was also not disclosed.