| Name |
Atlantic Palms Oceanfront Resort |
|
| Location |
Myrtle Beach, South Carolina (map) |
| Number of Rooms |
136guestrooms and suites, expandable to 143 |
| Asking Price |
$12,500,000 |
| Price/Room |
$91,912 |
| Ownership |
Fee Simple |
| Investment Highlights |
ATTRACTIVE FEE SIMPLE, BEACHFRONT PROPERTY
The Atlantic Palms Resort is an attractive, eight-story building located on fee simple, beachfront land (75 linear feet of beach frontage) in the heart of Myrtle Beach. The property is comprised of 136 guestrooms and suites, but could be expanded to 143 units by utilizing its 7 lockout rooms as individual units. The Atlantic Palms Resort includes ample covered (on-site) and surface parking (across the street). Originally constructed in 1991, the property is located on South Ocean Boulevard between 7th Street and 8th Street just off Highway 17 / Kings Highway, which is the primary north-south thoroughfare for the Myrtle Beach region. For guest enjoyment, the property offers an indoor pool, 2 outdoor pools, and spa as well as a luxurious lazy river. Featuring direct beach access, the Atlantic Palms Resort also offers a full-service restaurant and lounge, capable of accommodating up to 65 guests.
Beginning in 2007, the entire property was gutted and every interior and exterior surface was removed. The top floors, 7th and 8th were added and larger guestrooms were constructed for condominium units. The guestrooms were completely renovated and new furniture, machinery, and equipment was installed including new HVAC and PTAC units, elevator cabs and equipment, three 80-gallon water heaters were installed, Unimac commercial laundry equipment (2 washers and 3 dryers), and pumps and heaters for the swimming pools and lazy river. Additionally, guest laundry facilities were added to the 3rd and 5th floors during the renovation.
STRATEGIC HEART OF MYRTLE BEACH LOCATION
The Atlantic Palms Resort is located on the beach on South Ocean Boulevard between 7th Street and 8th Street, just of Highway 17 / Kings Highway. The property is within close proximity to many of the area’s attractions including the Myrtle Beach International Airport, Coastal Grand Mall, Outlet Park at Waccamaw, Myrtle Beach Convention Center, NASCAR SpeedPark, and the Broadway at the Beach including Hard Rock Theme Park, Jimmy Buffet’s Margaritaville Restaurant, Ripleys Aquarium, and IMAX Theater. Corporate demand generators include Blue Cross / Blue Shield, Agru/America, Inc., Coastal Wire Company, ISG, International Paper Company, Florian Greenhouses, Southeastern Wire Fabricators, Southeastern Fly Ash Company, Andrews Metal Works, Andrews Wire Products, Spiral Fittings, Amatec, Con-Serv, Low Country Forest Products, and 3V Chemical.
OPPORTUNITY FOR NATIONAL HOTEL AFFILIATION OR TIMESHARE SCENARIO
The Atlantic Palms Resort could be affiliated with a nationally recognized hotel brand such as La Quinta, Wyndham Garden, or StayBridge Suites to name a few. A Change of Ownership PIP would most likely be issued and minimal improvements will be necessary. Additionally, because of the property’s recent renovation and expansion, timeshare opportunities exist and could greatly influence revenues in a positive direction. Because many of the property’s 136 rooms connect, the ability to create two- or three-bedroom condominium or timeshare units exists, and can be made possible without the costs and disruption associated with additional construction.
DYNAMIC SOUTHEASTERN RESORT MARKET
Considered one of the nation’s top vacation destinations and second-home markets, especially for families, Myrtle Beach hosts nearly 14 Million visitors each year and offers an increasing number of attractions, live-music theaters, shopping centers, and more than 120 golf courses. The area has grown due to its popularity in the 1990s so much that in 2001, the United States Census Bureau declared the Grand Strand the 13th fastest growing area in the country over the past decade. New outdoor shopping mega-centers, theme parks, and improved road infrastructure have continued to be developed, which are significant steps in creating a year-round “season” in Myrtle Beach. The explosive growth of the Myrtle Beach region can be felt with construction of four mega-projects including: Market Common, a $600 million mixed-use development located adjacent to the Myrtle Beach International Airport; Myrtle Beach International Airport Expansion, a new 390,000 square foot commercial terminal complex; Hard Rock Theme Park, a 140-acre music-themed amusement park is billed as a totally immersive, full-day attraction, appealing to visitors of all generations; and the Myrtle Beach Pavilion Redevelopment, the 11-acre downtown site that is currently home to the historic Myrtle Beach Pavilion amusement park will be the first in a series of pubic/private redevelopments aimed at creating a 12-month economy in downtown Myrtle Beach. This site is located approximately 1 mile from the Atlantic Palms Resort. Additionally, Bringing an Interstate highway to the Myrtle Beach area is an important priority for South Carolina. Funding has been allocated for studies, which are well under way, and local and state leaders continue to rally for additional funds to complete the Interstate 73 Project. Linking South Carolina with Michigan, Ohio, West Virginia, Virginia, and North Carolina, the Interstate 73 Project is supported by many groups throughout Myrtle Beach, and would increase tourism and the continued residential and retail development throughout the region.
UNENCUMBERED BY MANAGEMENT
The Atlantic Palms Resort is being offered unencumbered by its current management, thereby providing an excellent opportunity for an investor / owner.
|
| Property Overview |
The Atlantic Palms Resort is an eight-story, beachfront property (75 linear feet of beach frontage) located in the heart of Myrtle Beach. The property was originally constructed in 1991, was completely gutted, renovated, and expanded in 2007 / 2008, and features 136 guestrooms and suites (can expanded up to 143 with 7 lockout rooms), direct beach access, an indoor pool, 2 outdoor pools, Jacuzzi, and lazy river. Located at South Ocean Boulevard and 7th Avenue, just off Highway 17 / Kings Highway, which is the primary north-south thoroughfare for the Myrtle Beach region, the property is within close proximity to many of the area’s attractions including Family Kingdom Amusement Park (1 block northeast); Carolina Opry and Dixie Stampede (3 miles each); Restaurant Row (home to hundreds of award winning and locally-owned restaurants, (3 miles); Broadway at the Beach (3 miles), Myrtle Beach Convention Center, Myrtle Beach Pavilion, NASCAR SpeedPark, Hard Rock Café and Theme Park, Jimmy Buffett’s Margaritaville, Myrtle Beach International Airport, and more than 120 championship caliber golf courses.
Beginning in 2007, the entire property was gutted and every interior and exterior surface was removed. The top floors, 7th and 8th were constructed as condominium units. The guestrooms were completely renovated and new furniture, machinery, and equipment was installed including new HVAC and PTAC units, elevator cabs and equipment, three 80-gallon water heaters were installed, Unimac commercial laundry equipment (2 washers and 3 dryers), and pumps and heaters for the swimming pools and lazy river. Additionally, guest laundry facilities were added to the 3rd and 5th floors during the renovation.
The Myrtle Beach area is home to many nationally recognized companies such as: Blue Cross/Blue Shield, Agru/America, Inc., Coastal Wire Company, ISG, International Paper Company, Florian Greenhouses, Southeastern Wire Fabricators, Pawleys Island Hammocks, Southeastern Fly Ash Company, Andrews Metal Works, Andrews Wire Products, Spiral Fittings, Amatec, Con-Serv, Low Country Forest Products, and 3V Chemical. Population growth estimates indicate an additional 500,000 permanent residents will relocate to the area by 2025, driven primarily by the extensive condominium and residential development prevalent throughout the region.
Scarcity and cost of land in the Myrtle Beach market continues to be a challenge for developers and investors as well as development moratoriums for some uses. Tracts of land with high visibility and suitable for hotel development range from $1,000,000 to more than $3,000,000 an acre and are very difficult to locate. Land parcels that are hidden, or are encumbered with difficult visibility and access sell for $600,000 to $800,000 an acre and typically are not graded and do not include access to all of the necessary utilities for commercial development. Additional pre-construction costs, such as “Tap” and “Infrastructure” Fees are very expensive throughout the region and could exceed $1,000,000 in some instances. Construction is very costly in this particular region with the average commercial development project costing several million dollars before construction even starts.
Considered one of the nation’s top vacation destinations, especially for families, Myrtle Beach hosts nearly 14 Million visitors each year and offers an increasing number of attractions, live-music theaters, shopping centers, and more than 120 golf courses. Construction of homes and retail centers during the 1970s and 1980s paved the way for the commercial and multi-family housing boom of the 1990s. The area grew in popularity so much that in 2001, the United States Census Bureau declared the Grand Strand the 13th fastest growing area in the country over the past decade. The area managed to grow and attract even more residents and visitors as new outdoor shopping mega-centers, theme parks, and improved road infrastructure have continued to be developed. The explosive growth of the Myrtle Beach region can be seen with construction of four mega-projects including:
Market Common: This $600 million mixed-use development is located adjacent to the Myrtle Beach International Airport and within four miles of the Property. Featuring over 400,000 square feet of retail space including high-end tenants such as: PF Changs, Orvis, Tommy Bahamas, and Chicos, the Market Common development exemplifies the tremendous economic growth that has recently characterized Myrtle Beach. Phase I was completed in late 2007 and Phase II and Phase III are currently underway with anticipated delivery dates between 2009 and 2010.
Myrtle Beach International Airport Expansion: As part of the Airport Authority’s 2022 Master Plan, construction began in 2007 on a new commercial terminal complex that will ultimately house 14 gates. The 390,000 square foot complex is expected to cost over $230 million with completion projected for early 2009.
Hard Rock Theme Park: Encompassing approximately 140 acres, the music-themed amusement park is billed as a totally immersive, full-day attraction, appealing to visitors of all generations. Hard Rock Park includes more than 40 attractions, a multi-purpose live music amphitheater, shows and state-of-the-art sound systems - uniquely developed for the project, roller coasters, children's play areas, restaurants, cafes and retail stores. The Hard Rock Theme Park is situated approximately 3 miles from the Atlantic Palms Resort.
Myrtle Beach Pavilion Redevelopment: The 11-acre downtown site that is currently home to the historic Myrtle Beach Pavilion amusement park will be the first in a series of pubic/private redevelopments aimed at creating a 12-month economy in downtown Myrtle Beach. This site is located approximately 1 mile from the Atlantic Palms Resort.
|
| |
 |
|
|
Photos
Additional Information
To download this information, please fill out the following information. All fields are required.
|
