Two Oceanfront Sand Castle Resort Hotels were purchased this month by an investment group from Los Angeles. Hybridge Capital Management, a Los Angeles-based investment firm focused on commercial real estate and technology, acquired the Sand Castle North and Sand Castle South Beach, in an off-market transaction.
The Sand Castle North on 1802 North Ocean Boulevard and the Sand Castle South Beach on 2207 South Ocean Boulevard were purchased.
“Myrtle Beach is seeing a substantial amount of development and growth due to its affordable cost of living and hospitable beach-town lifestyle,” said Max B. Mellman, managing partner, Hybridge Capital Management. “Our goal is to further propel this growth and create a greater sense of place within the community.”
These sales continue the City of Myrtle Beach’s generational shift from family owned to corporate owned Myrtle Beach hotels, changing the landscape of the City of Myrtle Beach.
In 2021 -2022, the oceanfront hotel turnovers included:
- Brittain Resort Hotels purchased by E.O.S. Investors, LLC of N.Y.
- The Sea Mist Resort put on the market for $55 million.
- Sand Castle Hotels sold to a L.A. Investment team.
- Kingston Resorts purchased by E.O.S. Investors, LLC of N.Y.
- The Family Kingdom selling just this past week.
- The City of Myrtle Beach purchasing the Fountain Bleu and Oasis Motels.
Several other resorts and Myrtle Beach businesses are privately considering their options to sell as well.
Reports of a large Horry County Beer Company being offered $300 million from a Charleston group continue to come in.
MyrtleBeachSC News hinted on September 5th that all of these sales were imminent with our article found here: https://myrtlebeachsc.com/end-of-summer-2022-could-mark-a-new-multi-billion-transition-in-myrtle-beach-business/