Canyon Partners invests $25.2 Million in to Charleston Moxy Hotel
CHARLESTON, S.C. / BOCA RATON, FL. - March 23, 2021
Charleston, SC – Canyon Partners Real Estate LLC (“Canyon”) today announced it has provided a $25.2 million loan to a joint venture between Opterra Capital (“Opterra”) and The Montford Group (“TMG”) for the construction of a 7-story select-service Moxy hotel located in Charleston, South Carolina. Featuring 131 guest rooms, the hotel construction is expected to commence immediately, and is scheduled to open in late 2022. The transaction was facilitated by Hodges Ward Elliott.
The Charleston Moxy hotel is located in the Upper Peninsula District, a rapidly evolving submarket, less than a mile north of the renowned Historic District, and easily accessible to Charleston International Airport. The Moxy will be an attractive destination for tourists and Charleston residents alike, featuring a rooftop bar and restaurant, first-floor café, large meeting space, and lobby bar and lounge.
“Charleston is one of the most desired tourist destinations in the country given its accessibility, renowned restaurant scene, and plethora of sights and entertainment,” said Sunju Patel of The Montford Group. “We see the opportunity to bring lifestyle hospitality to urban areas in secondary markets. There is a need and we want to satisfy that.”
“We are excited to partner with Canyon and continue to service the growing hospitality sector in this bustling city,” said Glenn Alba of Opterra Capital. “Commencing construction now will position us well for the expected recovery in leisure and business travel in the next 18 months.”
Moxy Hotels are affiliated with Marriott International and the Charleston Moxy will benefit from Marriott’s world-class reservation system and guest loyalty program, Bonvoy, with over 130 million rewards members.
This investment brings Canyon’s real estate portfolio to approximately $6.1 billion of project capitalization.