As a part of its strategy to target leisure, drive-to destination with high barriers-to-entry, Wright has long been interested in the historic Charleston, SC market. The historic district has an onerous restriction on new hotel development to be limited to 50 rooms in almost all cases. As such, the market is highly sought after and notoriously difficult to enter due to the competitive nature of potential entrants. Via its local relationships, Wright learned of the Ansonborough Inn, which was being prepared to sell through a broad marketing process. Wright was able to preempt the marketing process and control the asset through a signed purchase and sale agreement the day prior to the scheduled start of the marketing process. The seller was desirous to exit the asset as it was not a core property. As such, the asset did not receive the property operational attention and Wright plans to make numerous operational improvements. In addition, the property will benefit from a fresh renovation in order to increase its competitiveness in the high RevPAR Charleston market.