NORTH CHARLESTON, SC— American Property Management Corp. has purchased the 289-room Sheraton Hotel here from the Soleil Group. CB Richard Ellis Hotels represented the seller in the transaction. The price was not disclosed. The Soleil Group had originally bought the property five years ago and recently conducted a $5-million renovation at the hotel. APMC will now spend an additional $2 million on renovations at the asset, which will remain a Sheraton. The deal closed within 45 days and gives San Diego-based APMC a beachhead for further expansion into other East Coast markets. The deal also brings APMC back into the greater Charleston, SC, market. It had used to own and operate the Charleston on the Beach hotel from 1994 to 2000.
