News Summary
Myrtle Beach’s Aventura On The Ocean hotel is now for sale for $4.39 million, following extensive renovations. Regulatory changes in hotel zoning have impacted its sale potential, amidst growing interest from investors. Other properties in the area are also on the market, indicating a competitive landscape for hotel investments.
Myrtle Beach Sees Hotel Up for Sale Amid Changing Regulations
Myrtle Beach is buzzing with news as the Aventura On The Ocean hotel has hit the market! Located right at 2711 South Ocean Blvd, this charming hotel is not just a stone’s throw away from the beautiful beaches but also conveniently close to the Myrtle Beach International Airport. Built back in 1969, the hotel has been a beloved staple of the area, providing cozy accommodations to countless beachgoers over the decades.
Recent Upgrades and Asking Price
The Aventura is ready for its next chapter, proudly flaunting 41 units that have recently undergone extensive renovations costing hundreds of thousands of dollars. With an asking price of $4.39 million, according to Zillow, this property might catch the eye of savvy investors looking to snag a slice of the Myrtle Beach action.
The Market Climate
Since going on the market in December 2024, the interest in Aventura has been promising, with realtor Chance Leith highlighting that there have been several verbal offers. However, none have hit the mark just yet. The owners, described as long-term investors rather than hospitality specialists, have chosen to sell, though they haven’t publicly shared the reasons behind the decision.
Amid shifting tides in hotel regulations, particularly a recent zoning change enacted by the City of Myrtle Beach, it seems like the timing could play a significant role in the sale. In December 2024, the city introduced a permanent ban on converting hotels and motels near the ocean into long-term dwellings for over 90 days. This was a follow-up to a nine-month moratorium that started in April 2024, which targeted property conversions east of Kings Highway. An analysis commissioned by the city suggested that these conversions were costing both the city and the county millions in tax revenue, a point that may have weighed heavily on the owners’ decision to list the hotel.
Impacts of Zoning on Sales Potential
Leith explained that the inability to offer some hotel rooms as month-to-month rentals for long-term stays might have indeed influenced the owners’ choice to sell. It seems the landscape of hotel ownership in Myrtle Beach is shifting, making it a challenging arena for investment.
What Else is on the Market?
Interestingly, the Aventura isn’t the only hotel grabbing attention. Other hotels in Myrtle Beach have also recently been listed for sale, such as The Red Tree Inn and The Oasis Hotel, which boasts 50 rooms and is priced at nearly $7 million. Then there’s the Indigo Tower, another established 54-room hotel from 1974, currently on the market for $7.4 million, after previously changing hands for just $3.9 million in February 2024.
Smaller properties like the Lily & Bloom, featuring just 25 rooms at 501 North Ocean Blvd, are also drawing eyes with an asking price of $2.59 million and multiple offers already on the table. Plus, let’s not forget the Sandcastle Oceanfront Resort, which is in the middle of a stunning $34 million renovation, set to reopen as a Voco brand hotel in early 2025.
A Bright Future for Myrtle Beach Hotels?
Despite the recent regulatory changes, the real estate market for hotels in Myrtle Beach remains favorable for sellers. Many properties are seen as attractive investment assets in this vibrant market, making it an exciting time for potential buyers looking to invest in the area. With so many choices on the table, Myrtle Beach is certainly the place to be when it comes to beachside investing. What will become of the Aventura On The Ocean? Only time will tell, but the upcoming months might spell big changes in this popular seaside town!
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Additional Resources
- Myrtle Beach Online
- Wikipedia: Myrtle Beach
- Myrtle Beach Online
- Google Search: Myrtle Beach hotels for sale
- AOL News
- Google Scholar: Myrtle Beach hotel real estate
- Hotel News Resource
- Encyclopedia Britannica: Myrtle Beach
- WPDE News
- Google News: Myrtle Beach hotel market
