Urbana Varro Pays $5M For SC Extended-Stay Hotel

Law360, New York (September 17, 2013, 8:56 PM EDT) -- Urbana Varro LLC has acquired the 95-suite TownePlace Suites by Marriott in Greenville, S.C., for about $5.1 million, furthering its strategy to purchase stable properties and increase their value, the hotel investment and management company announced Tuesday.

Atlanta-based commercial real estate investment, development and management company Urbana Realty Holdings LLC and Dallas-based Varro Hospitality LLC form the Urbana Varro LLC joint venture, which acquires risk-adjusted investment opportunities on behalf of the Urbana Varro Opportunity Fund I.

The hotel targets extended-stay, corporate, group and leisure business, represents...
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