Belmond has confirmed it has sold historic South Carolina property Charlston Place Hotel.

The hotel brand said it had completed the sale to Beemok Capital, the family office of Charlston businessman and philanthropist Benjamin Navarro, whose investments include premier hospitality assets in Charlston and the US southeast region. 

The property is now the flagship asset of Beemok Hospitality Group, a vertical of Beemok Capital that invests in premier hotel, restaurant and entertainment assets. 

Charlston Place will continue to operate under Belmond management for a transition period following the completion of the sale. 

Roeland Vos, president and chief executive of Belmond, said: “We are pleased that following a thorough review, we have found a buyer for Charleston Place who will continue to steward and invest in this iconic property for many years to come

“As a prominent Charleston businessman and philanthropist with deep ties to the city, Ben and his family are significant investors in the community and today’s sale marks an exciting milestone in the ongoing story of this great property.

“We would like to thank our employees at Charleston Place for their continued hard work, professionalism and the magic they bring every day, to make Charleston Place the icon it is.”

Casey Lavin, president of Beemok Hospitality Group, added: “We are thrilled to officially complete this acquisition and are honoured to welcome Charleston Place to the Beemok family.

“While Charleston Place is already a landmark property within Charleston and the southeast as a whole, we are excited to begin revitalising the space and are committed to ensuring it remains a luxurious and unique hotel for the local Charleston community and visitors to enjoy.”

Charlston Place Hotel is located in the historic downtown district and features 433 rooms, five restaurants, a spa, fitness centre and swimming pool.