Charlotte HP Raises $13M

1/22/17

By Jonathan Ponciano, NC BIZ News

A Charlotte-based travel company raised $13 million in a private stock offering by selling shares to 73 investors, according to a Securities and Exchange Commission filing.

Charlotte HP LLC filed the Form D on Jan. 19. The date of first sale for the $13 million offering was listed as Jan. 5. The company did not state what it intends to do with the money.

Nishith Patel, of Charlotte, signed the filing, which lists Charlotte HP as a travel company under a lodging and conventions class. The administrative address listed on Charlotte HP’s Form D matches the physical address of Beacon Investment Management Group, a hotel management company where Patel serves as president.

Beacon IMG specializes in operating upscale, select-service hotels from top international brands, according to its website. The company manages several hotel properties in North Carolina, as well as an oceanfront property in Costa Rica. Its franchise partners include Hilton Worldwide Holdings Inc., Marriott International Inc. and Hyatt Hotels Corp.

Charlotte HP filed its business registration with the North Carolina Department of the Secretary of State in October 2016.

The offering was not made in connection with a business combination transaction, such as a merger, acquisition or exchange offer, according to the filing.

Charlotte HP claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

The form can be found here.

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