Charleston Place opened downtown in 1986 | Flickr user bigmacsc99

The landmark Charleston Place hotel officially got a new owner Friday. Beemok Capital, the family office of local billionaire businessman Ben Navarro, reported its deal to buy the hotel was completed today, putting the hotel under local ownership for the first time in its 30-year history. City Paper was first to report the arrangement to sell the property to Navarro in August.

Financial terms were not disclosed. Sources told the City Paper in June the 433-room hotel was ready to be dealt for up to $500 millions — $1.2 million per room.

Navarro cheered the transaction in a press release and said the newly formed Beemok Hospitality Group will get to work in the next 18 months to “revitalize” the complex, which includes the hotel, conference space, restaurants and retail space.

“We intend to deploy significant investments at the property, while also honoring its unique heritage and overall identity that has solidified Charleston Place as one of the most iconic hotels in the Southeast,” Navarro said.

The group also owns Hotel Domestique in Travelers Rest and controls the Daniel Island tennis complex that plays host to the WTA 500 Credit One Charleston Open (formerly Volvo Car Open).

The Charleston Place first opened as a hotel operated by The Omni in 1986. French luxury conglomerate LVMH Moët Hennessy Louis Vuitton acquired Belmond’s worldwide portfolio of high-end hotels and resorts in 2019 for $3.2 billion, including Charleston Place.

In August, Mayor John Tecklenburg said it was good to see the hotel going to a Charleston-area owner.

“We’re very excited that this iconic property will now be in such outstanding local hands,” he told the City Paper.