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| An upscale resort hotel, Church Street Inn, Charleston, South Carolina, operated as a timeshare resort beginning in 1985. In December 2024, as the number of owners declined through attrition, the owners voted to terminate the timeshare regime and repurpose the property to a resort hotel. Each timeshare owner received a distribution. Bill Ryczek, Principal/Colebrook Financial, said, “Repurposing is becoming a larger part of the timeshare industry as owners age out and older properties need refurbishment. In essence, we’ve repurposed our relationship with the Zealandia organization. Beginning in 2003, we made a number of hypothecation loans to them. This is our fifth repurpose transaction. In the first ones, we were learning the business together. Now, Zealandia is one of the experts in the field.” The
31-unit Church Street Inn, part of the Ascend® Hotel Collection, offers
townhouse-style accommodations in downtown Charleston. The property is
in the heart of the tourist district, just a few yards from historic Charleston
City Market.
 Butch Patrick, CEO of Zealandia Holdings, said, “During the 22 years we’ve been working with Colebrook, we’ve always appreciated their willingness to listen to new ideas and try to find a way to accommodate them. They’ve been a great lending partner for us.” Charleston has long been a prime tourist destination and boasts attractions such as Fort Sumpter, Patriot’s Point Naval and Maritime Museum, harbor cruises, carriage tours, water activities such as fishing and boating, and several historic plantations open for tours. In 2024, the city hosted a record 7.7 million visitors. It was ranked the #1 city for tourism in the United States by Travel + Leisure magazine for the 12th year in a row. About
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Previous Release: Colebrook Financial Announces Hypothecation Loan for Caribbean Resort (01/14/25) |
