Noam Pyade previously owned the Fontainebleau Inn and The Oasis Motel on 7th Avenue North. The city of Myrtle Beach purchased these properties from Pyade in 2022, calling these motels “nuisance” properties. Nuisance properties are those that require city police to continually show up at the property for a myriad of suspicious reasons.
Pyade previously served on the Myrtle Beach Downtown Redevelopment Corporation.
The total parcel purchase which included the properties on 7th Avenue were bought by the City of Myrtle Beach for $15 million.
The parcels — 7 hotels/motels, a large vacant lot and 2 commercial properties — all ran along the 7th Avenue corridor in Myrtle Beach.
The city has been working to purchase all of the properties between Ocean Boulevard, 7th Avenue North, 8th Avenue North, and Highway 17 business. The city is currently in negotiations with the owner of the MidTown Motel, also located in that city square.
Pyade just flipped his investment monies buying yet another property in that same square. Through LLCs owned by Pyade, purchases of the Palms Court at 7th Ave. North and the Mermaid Inn Oceanfront on 54th Avenue North were made for $4 million.
The Palms Court Motel is a four-story motel, built in the 1960s. It has a total of 121 rooms and suites. All rooms have a kitchenette with stove, refrigerator, and sink. The motel is largely rented to monthly rentals through apartments.com and the like.
The Mermaid Inn is one of the oldest oceanfront hotels in Myrtle Beach. It was built in 1963 and was owned by the same family for over 50 years. The hotel is located on the Oceanfront with largely side views of the ocean.