In August, we wrote about the potential sale of Charleston Place, the largest hotel in downtown Charleston. On Oct. 1, the hotel was officially sold to local billionaire + philanthropist Ben Navarro.

Ben, founder and CEO of Sherman Financial, was represented by private wealth management firm Beemok Capital in the sale. Charleston Place was sold by lifestyle group LVMH. The sale’s financial terms were not disclosed.

The iconic 434-room hotel is locally owned for the first time in its history. Ben has lived in Charleston with his family since 2004 + founded Meeting Street Schools downtown. Through Beemok Capital, he owns Credit One Bank Stadium on Daniel Island, formerly Volvo Car Stadium.

For the next 18 months, Beemok Hospitality Group will renovate the property with significant investments while honoring its past + preserving its identity. According to Beemok, wellness will play a major role in the changes. Belmond will help manage the hotel during the transition period, and the hotel will remain open.

Charleston Place has changed hands several times. The hotel first opened in 1986 as The Omni Charleston Place, where Ben attended the grand opening with his wife, Kelly. In 1995, the property became The Charleston Place and Orient Express Hotel.

The hotel then became Charleston Place, A Belmond Hotel in 2014. The name remains Charleston Place for now.