Labor Day Summer 2022 marks the official end of the Summer season in Myrtle Beach.
This Summer will likely mark the generational shift that all cities experience about every 60 years. Generational business changes are occurring in Myrtle Beach unlike any time since 1967.
1967 was the beginning year when Myrtle Beach founders began turning over their businesses to a burgeoning group of baby boomers. Several of these boomers never actually worked the family business, but rather received income from the profits annually.
Other key boomers worked to build upon what was left to them, sadly to find their millennial children have no interests of remaining in the city.
Monumental Shift Started 2021
The flood gate of change was initiated when Brittain Resort Hotels chose to sell out to EOS Investor, LLC of New York City last year. Brittain Resorts manages The Caribbean, The Breakers, COMPASS COVE RESORT, NORTH BEACH RENTALS, ATLANTICA RESORT, BAREFOOT RESORT, BAY VIEW ON THE BOARDWALK, COURTYARD BY MARRIOTT, GRANDE CAYMAN RESORT, LITCHFIELD BEACH, MERIDIAN PLAZA, MYRTLE BEACH RESORT, MYRTLEWOOD VILLAS, OCEAN REEF RESORT, PARADISE RESORT, RIVER OAKS, SPRINGHILL SUITES BY MARRIOTT, THE OCEANFRONT LITCHFIELD INN, and THE STRAND MYRTLE BEACH.
Brittain Resort Hotels features a broad range of properties with over 5,300 rooms, suites, and condos, 35 onsite restaurants and bars, and 210 pools and lazy rivers. The property management firm hosts over 2.7 million annual guests.
This acquisition make EOS Investors the largest property manager in the area. Brothers Clay III and Matthew Brittain were the first to lead what will be the next sea change in Myrtle Beach’s history.
THREE MORE OCEANFRONT GROUPS LOOKING TO SELL
In hushed tones, that rarely make front page news, three other large property managers along the Grand Strand have interests in retiring. Each hopes to sell firms managing multiple oceanfront resorts in the next few years.
POTENTIAL SHAKE UP OFF THE OCEAN
Yet, the largest earthquake likely to hit the city over the next 36 months is the potential sale of one large Horry County Beer Distributor.
A $300 million offer has been put on the table by a Charleston, S.C. investor. Only time will tell if the deal is consumated.
All who have sold, or are now looking to sell, are aging baby boomers, whose children had no interests in continuing the family business. Most all of those looking to sell inherited money or operations from the founding generation of Myrtle Beach. Myrtle Beach was founded in 1938.
WHAT GOD DOES
The City of Myrtle Beach has taxed and parking meter fed its businesses for more than 20 years, looking for some way to change the brand downtown. After the Myrtle Beach Pavilion moved to Broadway at the Beach, the downtown area looked gaunt and dated.
What the city was unable to do through hit and miss planning, God just may accomplish through generational change.