News Summary
Myrtle Beach is capturing attention in the hotel investment market with properties like the historic 300 Tenth Hotel and the oceanfront Indigo Tower up for sale. Each offers unique investment opportunities, from smaller boutique hotels to larger resorts. A $34 million renovation is also underway at the Sandcastle Oceanfront Resort, while the Yachtsman is set for rebranding as high-end housing. The area’s blend of charm and tourism appeal makes it an attractive time for potential investors.
Myrtle Beach Hotels Create Buzz on the Market
If you’ve ever dreamed of owning a piece of paradise by the sea, you might want to take a closer look at some exciting hotel properties currently up for sale in Myrtle Beach. This coastal gem is not only a beautiful vacation spot for families but is also gaining attention for investment opportunities in the hotel sector. Whether you’re interested in boutique hotels or larger oceanfront properties, there’s something for every potential investor.
The 300 Tenth Hotel: A Slice of History
One of the most intriguing properties available is the 300 Tenth hotel, located at 300 10th Ave. North, just a stone’s throw from downtown Myrtle Beach. Built way back in 1955, this charming 32-unit hotel has recently undergone extensive renovations, elevating its appeal significantly. Currently, it carries an asking price of about $4.3 million.
This hotel has been on the market for the last five years, recently appearing on Zillow last December. The Realtor representing the property, Chance Leith, notes that financing such a property can be a challenge, especially since it’s not common to come across individuals or investors with $5 million in cash ready to go. Nonetheless, interest remains, and the deal is in negotiations.
Indigo Tower: A Coastal Retreat
Not far behind is another intriguing property—the Indigo Tower. This oceanfront hotel features 54 rooms and was built in 1974. Priced at $7.4 million, it was listed recently on LoopNet. The Indigo Tower has a fascinating past, having sold for $3.9 million just this February. With its stunning seaside location, it certainly makes a solid investment choice for those looking to enter the hospitality sector.
Lily & Bloom: A Cozy Option
Also on the market is the cozy Lily & Bloom hotel, situated at 501 North Ocean Blvd. This 25-room property is smaller but has caught the eye of several prospective buyers, with an asking price of $2.59 million and multiple offers already rolling in. This could be a prime opportunity for someone looking to start a small, charming hotel business in Myrtle Beach.
New Beginnings at Sandcastle Oceanfront Resort
Meanwhile, the Sandcastle Oceanfront Resort at the Pavilion is gearing up for a transformation. Undergoing a whopping $34 million renovation, the resort is set to reopen in early 2025 with a new identity as part of the Voco brand under IHG Hotels & Resorts. This upgrade not only enhances its appeal but also represents a significant investment in revitalizing the Myrtle Beach area.
Turning Tides with the Yachtsman
In another part of the Myrtle Beach market, a Beverly Hills-based firm, Hybridge Capital, has successfully purchased the Yachtsman through a bankruptcy sale. This property consists of 159 beachfront condominiums, which are aimed at conversion into higher-end long-term housing. With the mortgage for the Yachtsman property standing at nearly $12 million, this investment also illustrates the transformative potential of Myrtle Beach’s property market.
The Minecraft Experience
The hotel market in Myrtle Beach is buzzing with opportunities, offering a mix of historic charm and modern renovations. As interest continues to surge, it’s worth watching how these properties evolve in the coming months. The area’s appeal as a vacation destination, combined with the consistent demand for accommodations, makes it an exciting time for investors. So whether you’re an experienced hotelier or a first-time buyer, Myrtle Beach could be your next great venture!
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Additional Resources
- Myrtle Beach Online: Hotel Market Buzz
- Wikipedia: Myrtle Beach
- Myrtle Beach Online: Hotel Listings
- Google Search: Myrtle Beach hotels
- AOL: Oceanfront Hotel Sale
- Encyclopedia Britannica: Hotel
- Myrtle Beach Online: Sandcastle Renovation
- Google News: Myrtle Beach hotel renovations
- Myrtle Beach Online: Investment Opportunities
- Google Scholar: Myrtle Beach property investment
- WPDE: Yachtsman Hotel Deal
Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
