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Yachtsman Resort to be sold at auction, with bids starting at $4.75 million
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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.
- Better Brands Beer Distributors
- Family Kingdom
- MB National
- Midtown Motel
- Monterey Bay
- Sand Castle Hotels
- William M. Hodges
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The Yachtsman Resort on Ocean Boulevard in Myrtle Beach hit the virtual auction block last month after it was ordered sold as part of a bankruptcy case.
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Yachtsman Myrtle Beach
- Thread starter daverunfast
- Start date Dec 15, 2022
daverunfast
- Dec 15, 2022
The yachtsman Myrtle Beach is up for auction. Anyone an owner there? https://www.myrtlebeachonline.com/news/local/article269921427.html
- Dec 16, 2022
daverunfast said: The yachtsman Myrtle Beach is up for auction. Anyone an owner there? https://www.myrtlebeachonline.com/news/local/article269921427.html Click to expand...
TUG Review Crew: Expert
I have heard some horror stories and several lawsuits about this resort.
- Dec 17, 2022
Who was the managing agent / management company?
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1304 North Ocean Boulevard | Myrtle Beach, South Carolina 29577 | 843.448.2214 | E-mail: [email protected]
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COMMENTS
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 minimum opening offer has been set at $4.4 million for the Myrtle Beach property. ... The marketers behind the auction are positioning the Yachtsman as a tourism redevelopment play, either as ...
The Yachtsman, which opened in 1980, hit the auction block late last year with an asking price of nearly $5 million following the termination of its timeshare agreement.
One of Myrtle Beach's oceanfront high rises was sold. The Yachtsman Resort at 1304 North Ocean Blvd. was purchased by Hybridge Capital Management, according to the firm's Feb. 20, 2024 press ...
The Yachtsman Resort in Myrtle Beach hit the block last month after a judge ordered it sold as part of a bankruptcy case. The seaside vacation getaway is made up of 160 condominiums along Ocean ...
The housing market has seen growth in recent years with a mix of retirees, second-home buyers, and investors contributing to the demand for properties. 20 2 Bedroom/ 2 Bath 813 SF. 40 1 Bedroom/1 Bath Units 610 SF. Located 1.8 miles from Broadway at the Beach. Located 4.4 miles from the Myrtle Beach International Airport.
A Myrtle Beach high rise is on the auction block with an asking price of nearly $5 million after its timeshare agreement was terminated. Bids for The Yachtsman Resort at 1304 and 1404 N. Ocean ...
The Yachtsman Resort at 1304 N. Ocean Blvd in Mrytle Beach is hitting the auction block on Feb. 13, 2023. ... The Myrtle Beach area's 21% lodging recovery rate between 2019 and 2021 along with ...
Meanwhile, the Yachtsman Resort, in downtown Myrtle Beach for decades, is facing an uncertain future on the auction block with an asking price of nearly $5 million.
Marcus & Millichap is pleased to present the Yachtsman, located in Myrtle Beach, South Carolina. The subject property comprises 159 units, featuring one- and two-bedroom options. Property amenities include a balcony, pool, high-speed internet access, patio, on-site bar, direct beach access, public Wi-Fi, smoke-free environment, hot tub, fully ...
Yachtsman Resort to be sold at auction, with bids starting at $4.75 million According to Ten-X, an auction of the 153 room Oceanfront Yachtsman Resort will begin online Feb. 13th - 16th. 12:56 PM · Dec 14, 2022
We have Activities planned for all our guest - Myrtle Beach has golf, shows, theaters and much more. Owners Call: 843-448-2214 Contact Us Map & Directions Resort Services. Rates & Reservations News & Events Attractions Amenities Accommodations. ... 843.448.2214 | E-mail: [email protected].
The Yachtsman Resort in Myrtle Beach hit the block last month after a judge ordered it sold as part of a bankruptcy case. Hundreds of the other owners at the 50-year-old resort had abandoned their weekly shares. Many stopped paying their assessments and other fees, forcing the association to dissolve the agreement.
We are the web's leading travel auction site, offering thousands of super discounts on flights, cruises, hotels, vacation rentals, and more every day. ... Enjoy 7 Nights at The Yachtsman in Myrtle Beach, South Carolina! The Yachtsman 1304 N. Ocean Blvd. P.O. Box 1469 Myrtle Beach, SC 29577 . The Yachtsman offers all oceanfront units in the ...
With its strategic setting directly on Myrtle Beach and only five blocks from the famous seaside Pavilion area, The Yachtsman Resort has all the makings for a sure-to-please seaside vacation. Two outdoor swimming pools, one indoor pool, on-site activities, whirlpool spa, game room, shuffleboard, gift shop, snack bar, fishing pier, and picnic ...
The Yachtsman offers all oceanfront units in the heart of Myrtle Beach. Located directly on South Carolina's sandy shores, the resort offers onsite activity programs, while golf, tennis and water activities are moments away. Swimming is available at the resort's heated pools. Fine dining and entertainment abound, including the Pier 14 Restaurant located behind the resort.
An Oceanfront Family Vacation Tradition. Located in the heart of Myrtle Beach at the 14th Avenue Pier entrance to the 1.2 mile long Boardwalk only a block away from the Skywheel and other attractions, along the oceanfront's most fun area for all. The Yachtsman Resort is your connection for the best family vacation in Myrtle Beach.
The yachtsman Myrtle Beach is up for auction. Anyone an owner there? https://www.myrtlebeachonline.com/news/local/article269921427.html
Yachtsman Myrtle Beach - Owner's Special Assessment Discussion. 162 likes. A place to complain about the Yachtsman's Special Assessment! NOT AFFILIATED WITH THE YACHTSMAN RESORT Just...
All of our units are oceanfront at the Yachtsman Resort and other amenities include full kitchens, whirlpools, safes and much more. COVID-19 UPDATES: HEALTH AND SAFETY PROTOCOLS Owners Call: 843-448-2214 Contact Us Map & Directions Resort Services
All of our units are oceanfront at the Yachtsman Resort and other amenities include full kitchens, whirlpools, safes and much more. COVID-19 UPDATES: HEALTH AND SAFETY PROTOCOLS Owners Call: 843-448-2214 Contact Us Map & Directions Resort Services
Please contact The Yachtsman for Rates and Reservations 1.843.448.2214. Deposit Policy. Confirmation on all reservations requires a deposit equal to the first night's stay plus tax or $50.00 whichever is greater, payable within ten (10) days of the date of booking or subject to automatic cancellation. ... Myrtle Beach, South Carolina 29577 ...
Owners Call: 843-448-2214 Contact Us Map & Directions Resort Services. Rates & Reservations News & Events Attractions Amenities Accommodations.