Myrtle Beach’s Hotel Market Heats Up in 2024
In the sunny shores of Myrtle Beach, South Carolina, excitement is in the air as numerous hotels have recently hit the marketplace on LoopNet, marking a potential windfall for savvy investors. This bustling coastal city is known not only for its beautiful beaches but also for its thriving tourism industry, which continues to attract people from all over the nation. In fact, it’s becoming quite clear that the real estate market here is sizzling!
A Glimpse at Listing Hotspots
Among the standout properties is an oceanfront gem known by dual names: the Red Tree Inn and The Oasis Hotel. This cozy yet spacious 50-room hotel was constructed in 1974 and is nestled right along the beautiful coastline, making it an attractive choice for visitors looking to soak up the sun. Listed on November 18, 2024, the asking price for this charming property is nearly $7 million. Quite an eye-catching figure, right?
Sara Mosseri, a dedicated real estate professional, is in charge of listing this appealing hotel. However, she has chosen not to comment publicly yet, citing the need to consult with the property owner first. But still, the buzz around potential buyers is palpable!
A Hot Property That Changed Hands Recently
Interestingly, this property has already changed owners quite recently. According to Horry County Land Records, the hotel was sold for $5.1 million in June 2023. That is quite the increase in value within just a year and a half, making it evident that this hot real estate market is ripe for investment!
Why Are Investors Interested?
Myrtle Beach’s beautiful surroundings and dedicated visitor base make hotel properties particularly enticing for investors. As Scott Smith, associate director of the School of Hospitality and Tourism Management at the University of South Carolina, explained, the hotel real estate market in 2024 is favorable for selling properties. Corporations tend to view hotels as valuable asset investments. Scott noted, “People might just be trying to cash out on hotels right now.” This perspective speaks volumes about the changing dynamics in the real estate market.
Investing in hotels can offer significant returns, especially during a robust tourism season like the one Myrtle Beach experiences. Tourists flock to the area for vacations, family reunions, romantic getaways, and events year-round, giving hotel owners ample opportunities to boost profits. With the ongoing interest in the hospitality industry, it seems that now is a prime time for investors to explore the hotel sale listings.
The Future is Bright for Myrtle Beach
The ongoing investments and change in ownership reflect a broader trend within the Myrtle Beach area. As more properties come on the market, potential buyers will be keeping a close eye on listings like the Red Tree Inn and The Oasis Hotel. Whether you’re a seasoned investor or simply curious about the local market trends, it’s clear that the charm and allure of Myrtle Beach are making waves in the real estate scene.
So, if you’re contemplating making a move into the hotel investment game, keep Myrtle Beach on your radar. With its stunning beach views, nonstop tourism, and inviting atmosphere, this city is showcasing itself as a prime destination for those looking to make a splash in the hospitality industry.
Who knows? You might just find a hidden gem waiting for you in this lovely coastal paradise!
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.
