California Partnership Pays $40 Million for the 500-room Springmaid Beach Resort in Myrtle Beach, SC

Springmaid Beach ResortMyrtle Beach, SC., January 07, 2015 – Springmaid Beach Resort, which anchors the south end of Ocean Boulevard in Myrtle Beach, has been sold for $40 million, according to records at Horry County.

A news release issued by a California-based investment partnership said the resort was sold to an affiliate of Integrated Capital LLC and its partner, KBS Strategic Opportunity REIT II.

It did not give a purchase price, and Maria Hayworth of Hayworth Public Relations in Florida said the new owners would not talk to the press.

The resort, which opened in 1948 as a private getaway for employees of Springs Mills, includes a 500-room hotel, conference center, camping facility and pier.

It opened to the public in 1953.

Stephen Greene, CEO of the Myrtle Beach Area Hospitality Association, said the sale is another marker that the area’s tourism market is in a positive trend that includes the construction of two new oceanfront hotels and renovations at the Crown Reef Resort, also on South Ocean Boulevard.

“It shows that the Grand Strand’s viability continues to grow,” he said.

The news release said the resort will continue to operate as the Springmaid Beach Resort and will be managed by Hilton Worldwide until it is fully renovated and repositioned as a DoubleTree Resort by Hilton.

The resort undertook a $9 million facelift in 2012 and a $19 million overhaul from 2000 to 2002.

The resort was owned since 1953 by Leroy Springs and Co. of Fort Mill. No one could be reached for comment.

Greene noted that Springs has spent considerable money on the property, but said further changes would be needed to align it with Hilton standards.

“It’s an expansive piece of property,” he said.

He said he didn’t know the specific plans of the new owners, but thought it will be interesting to see if they keep the campgrounds that are part of the property.

“I’m not sure how quickly they can fly their flag,” he said of the new owners changing from Springmaid to DoubleTree.

Integrated Capital at one time owned The Beach House on Hilton Head Island, according to its website. The KBS website says it was formed “specifically to capitalize on the dislocation, lack of liquidity, and government intervention that exists in commercial real estate markets …”

The Springmaid deal closed on Dec. 30.
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