CROWN PLAZA SELLS
Greenville developer JHM Hotels has bought the 194-room Crowne Plaza Hotel Uptown from Charlotte Hospitality for $7.5M, or about $39/SF and $39k a key. Built in 1972 at 201 S McDowell St, the building is about 192k SF. Though an older property, its average daily occupancy is 72%, according to CoStar. "The building's a bit tired," and will be getting a makeover, but the scope of the renovation is being evaluated, JHM?s Ralph Settle tells us. In these uncertain times, hotels are perceived as relatively stable investments, he says, noting a national increase in the sale of hospitality properties compared to other real estate investments.