Belmond has completed the sale of Charleston Place Hotel to Beemok Capital, the family office of Charleston-based businessman and philanthropist Benjamin Navarro.
The latter controls hospitality assets in Charleston and the United States south-east region.
Roeland Vos, chief executive of Belmond, said of the sale: “We are pleased that following a thorough review, we have found a buyer for Charleston Place who will continue to steward and invest in this iconic property for many years to come.
“As a prominent Charleston businessman and philanthropist with deep ties to the city, Ben and his family are significant investors in the community and this sale marks an exciting milestone in the ongoing story of this great property.
“We would like to thank our employees at Charleston Place for their continued hard work, professionalism and the magic they bring every day, to make Charleston Place the icon it is.”
Charleston Place is now the flagship asset of Beemok Hospitality Group, a vertical of Beemok Capital that invests in hotel, restaurant and entertainment assets.
For a transition period following the completion of the sale, Charleston Place will continue to operate under Belmond management.
Casey Lavin, president of Beemok Hospitality Group, stated: “We are thrilled to officially complete this acquisition and are honoured to welcome Charleston Place to the Beemok family.
“While Charleston Place is already a landmark property within Charleston and the south-east as a whole, we are excited to begin revitalising the space and are committed to ensuring it remains a luxurious and unique hotel for the local Charleston community and visitors to enjoy.”
Located in the heart of Charleston historic downtown district, Charleston Place features 433 guest rooms, five restaurants including the award-winning Charleston Grill, the Riviera Theatre and versatile meeting and event space.
Other facilities include a spa, a fitness centre, a 50-foot swimming pool and Shops at Charleston Place offering a collection of shops.