JEDA Bonds Make Renovations Possible at Charleston Airport Radisson
By Eliza Theiss, Associate Editor
Described as “innovative,” bond financing from the South Carolina Jobs-Economic Development Authority (JEDA) has helped an investor purchase and renovate the 159-key Radisson Hotel Charleston Airport.
Specifically, RCB Hospitality, the owner of the 5991 Rivers Ave. hotel, secured an $8.4 million taxable economic development revenue bond to finance the purchase and value-add renovation of the 115,000-square-foot hotel property. Croft Properties, a company with both New York and California operations, led the project for RCB. “We were able to maximize our investment in this project because of the favorable rates and terms provided by JEDA bond financing,” declared Avi Ryzman, managing member at Croft Properties. “JEDA’s taxable bonds are a valuable tool in leveraging the interest of savvy outside investors in South Carolina. Helping them take advantage of the opportunities we offer is a privilege for our firm,” added Sam Howell, bond counsel with Howell, Linkous & Nettles in Charleston.
RCB Hospitality acquired the 159-key hotel property in the spring of 2012 for $5.3 million or about $33,333 per room. Subsequently it began a value-add renovation and refurbishing project at the property which retains the existing 48 jobs and adds an additional 11 new jobs two years within completion of the upgrade. According to CoStar Group’s coverage of the sale, RCB bought the property from Shree Ganpati Hotel LLC in a direct sale that closed escrow in 25 days. At the moment of the purchase ECB considered the asset as a value-add opportunity, planning on renovating and subsequently selling the property.
The Radisson Hotel Charleston Airport features 159 rooms and amenities such as a sunlit tropical atrium complete with indoor heated pool and whirlpool, fully equipped and newly renovated fitness center, business center, high-speed complimentary Wi-Fi throughout the hotel, 12,000 square feet of meeting space in several event spaces, with the newly renovated Ashley Ballroom holding up to 300. Dining options include The Haven Lounge and The Haven Restaurant, offering Lowcountry cuisine.
Image courtesy of Radisson Hotel Charleston Airport’s Facebook page