According to Ten-X, an auction of the 153 room Oceanfront Yachtsman Resort will begin online Feb. 13th – 16th.
The Yachtsman hotel stands at 10 stories high on 1304 & 1404 North Ocean Blvd in the City of Myrtle Beach, S.C. The property previously existed as a timeshare. The Ten-X site states the timeshare agreements have been terminated and the property can now be converted into a hotel.
The Yachtsman was built in 1982.
BJ Patel, managing director at Atlanta-based firm Hodges Ward Elliott, is listed as a key contact in the sale.
William M. Hodges and Michael Brandes of Hodges Ward Elliott are also listed as contacts for the pending sale. The Ten-X site reads “Due to the termination of the previous timeshare agreement, 153 units are now available for purchase, including the land itself,” according to a site description. “Given that the property hasn’t received any capital expenditures since the last decade, a comprehensive guest-room focused overhaul will allow it to better compete against its competitive set and the market.”
As found on the Ten-X website:
The Yachtsman is offered fee simple and unencumbered by existing management and debt, affording new ownership maximum flexibility in the future operation and capitalization of the property. Due to the termination of the previous timeshare agreement, 153 units are now available for purchase, including the land itself. Each of the 153 suite-style guestrooms features a kitchenette and living space, allowing maximum comfortability for the hotel’s guests. These suite-style rooms are perfectly tailored to the market, which receives a strong base of demand from family leisure travelers. Given that the property hasn’t received any capital expenditures since the last decade, a comprehensive guest room-focused overhaul will allow it to better compete against its competitive set and the market. As a newly renovated, all-suite style hotel, the property is anticipated to generate substantial incremental ADR and room revenue on a stabilized basis, which will flow directly to the bottom line and lead to significant cash flow gains for a new owner going forward.
Due to the property’s flexible zoning, in addition to hotel use, the property has potential for alterative use – (example – Multi-Family).
Continues an ongoing sea change of ownership in Myrtle Beach Hotels and businesses.
This sale continues a massive turnover in business ownership in Myrtle Beach, S.C.
In 2021 -2022, the oceanfront Myrtle Beach hotels changing ownership included:
- Brittain Resort Hotels was purchased by E.O.S. Investors, LLC of N.Y.
- The Sea Mist Resort was 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 Fall.
- The City of Myrtle Beach purchasing the Fountain Bleu and Oasis Motels.
- The City of Myrtle Beach purchased the Midtown Motel for $8.2 million in October.
- Better Brands Beer Distributors sold this past Friday, December 9th to Southern Crown Partners
- MB National, LLC, purchased the Oceanfront Monterey Bay and Suites in November 2022.
2022 will be remembered as one of the highest turnover periods of Myrtle Beach Hotels among key brand named properties in the city.