New York Insignia/ESG Hotel Partners has completed the sale of the Holiday Inn Charleston on the Beach in Folly Beach, SC, the only full-service beachfront hotel in the Charleston area. The sales price was undisclosed. The 132-room beachfront high-rise hotel was purchased by a private individual, who plans to retain the Holiday Inn franchise and spend in excess of $1 million in improvements. Michael Armstrong, Stanley Kozlowski and Thomas Ives of Insignia/ESG Hotel Partners represented American Property Management Corp., a San Diego-based hotel company, in the sale. This transaction represents the 50th Holiday Inn sale for Insignia/ESG Hotel Partners. (12/5/00)
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