Procaccianti Companies and joint venture partner Rugger Capital have acquired Charleston Harbor Resort, a 217-key waterfront property in Mount Pleasant, South Carolina, while Suntex Marinas has acquired the adjacent Charleston Harbor Marina.
The marina is one of South Carolina’s largest in-water facilities, with more than 450 slips for vessels ranging from recreational cruisers to superyachts.
The resort will be managed by Procaccianti’s hospitality affiliate, TPG Hotels & Resorts, while Suntex will own and operate the marina.
Each property will be managed separately and together form a major waterfront destination combining hospitality, marina services and access to downtown Charleston.
Procaccianti will assess a renovation and repositioning of the resort to improve the guest experience and support long-term value.
Adding value
“Charleston Harbor Resort is exactly the kind of irreplaceable waterfront asset we seek to own for the long term,” said John Phelan, founder and chairman of Rugger Capital.
And he said the partners see potential to add value to the property and attract more visitors to the nearby Patriots Point Naval & Maritime Museum.
Robert Leven, chief investment officer of Procaccianti Companies, added that the acquisition combined a waterfront location, operating fundamentals, demand drivers and value-creation opportunities in one of the country’s strongest hospitality markets.
“Together, Procaccianti Companies, Rugger Capital, and Suntex have created a solution where the separately owned and operated marina and resort complement one another and strengthen the overall waterfront destination,” concluded Bryan Redmond, chief executive officer of Suntex Marinas.
