1 Yachtsman Tower given an exemption on rentals

David Hucks

Patrick Lloyd, the Creative Services Manager for the City of Myrtle Beach, has verified that a special exemption was granted to Yachtsman Tower under a recent ordinance that prohibits long-term rentals in the majority of Myrtle Beach hotels.

Yachtsman Tower

Yachtsman Tower

Hybridge Capital Management, a Los Angeles-based company, acquired the Yachtsman Resort in February 2024 after it had gone bankrupt. Their plan is to transform the resort into a rental property for long-term stays.

Writes Llyod, “Hybridge Capital Management started the process of converting to long term before the moratorium was enacted, initially requesting a mix of short term and long term. After the moratorium, Hybridge Capital Management filed an appeal which led to a settlement that will allow one Yachtsman tower to be operated for a long term accommodations after receiving approvals from Construction Services, Planning/Zoning, the Fired Department, and Community Appearance Board.”

The second Yachtsman tower will not be converted to long term.

We inquired with Lloyd regarding any additional exceptions granted by the city to small-scale hotels that have been engaged in long-term rentals for several decades.

Yachtsman Tower

Lloyd responded, ” Under the proposed ordinance, mom and pop operations, or any owner, with a long term business license can continue operating long term.”

The number of mom and pop operators with long term business licenses is unknown to MyrtleBeachSC News.

Mom and Pop Hotels in Myrtle Beach

Said Randy Oparowski, Oparowski Property Management, according to the city ordinance, “Anyone who purchases a unit or building from this point forward is permanently banned from offering long-term rentals. It’s notable who is being granted special exemptions. All licenses must be renewed by April each year. However, it remains unclear whether renewals will be accepted after this date, leaving decisions at the discretion of city employees. Small, independent property owners must ensure their operations are fully legal and compliant with licensing requirements before the first reading of the moratorium on April 9, 2024. Furthermore, they are prohibited from selling their properties to buyers intending to offer long-term rentals, significantly diminishing the marketability of their investments.

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