The property was originally acquired in 2021 and has been renovated to reflect the historical Charleston area it is situated in.

Scott Broder, President of Dreamscape Hospitality, said: "The Palmetto is a truly special property in Charleston we hope will be a local institution for many years to come. We expect its effortless style, prime location, and impeccable service to resonate with Charleston locals and tourists alike."

The Palmetto will be added to Dreamscapes portfolio, which includes properties such as The Rio All-Suite Hotel in Las Vegas, The Goodtime Hotel in Miami and 5420 Sunset Boulevard in Hollywood to name a few.

The 45-room hotel is situated in the French Quarter, a historic district that is a hot spot for tourism. It is located close to High Cottom and Slightly North of Broad, both highly-reviews eateries in the area.

Aimbridge Hospitality, a multinational hospitality firm, will be managing the property and overseeing day-to-day maintenance. 

This news comes after a recent announcement that Dreamscape companies had managed to raise an $850m capital raise. This funding was managed by Wells Fargo, a debt syndicate, and Raymond James, a financial investor. 

Dreamscape hopes to launch two further Dreamscape companies in the future; Dreamscape Entertainment Properties and Dreamscape Integrated Resorts. These will both deal with gaming, hospitality and entertainment assets respectively. 

On the raised capital, Eric Birnbaum, CEO and Founder of Dreamscape, said "We are passionate about creating dynamic lifestyle experiences. I strongly believe that with our team's unique development capabilities, investment acumen and deep operating expertise, we are poised to become a differentiated player within this space."