| Name |
Hampton Inn Myrtle Beach (Northwood) |
|
| Location |
Myrtle Beach (Northwood), SC (map) |
| Number of Rooms |
122 |
| Asking Price |
$7,500,000 - REDUCED! |
| Price/Room |
$61,475 |
| Ownership |
Fee Simple |
| Investment Highlights |
• Premium brand affiliation with anticipated long-term license
• Tremendous condominium development has reduced hotel room supply
• Desirable Southeast resort market
• Consistent revenues with future growth opportunity
• Unencumbered by management
|
| Property Overview |
The Hampton Inn is located on 75th Avenue just off Highway 17 / North Kings Highway, just three blocks from the beach, and within very close proximity to the area’s demand generators and most popular attractions including the Grande Dunes Resort and Country Club, Myrtle Beach Convention Center, Myrtle Beach International Airport, Broadway at the Beach, NASCAR SpeedPark, Hard Rock Theme Park, Jimmy Buffett’s Margaritaville, Market Common development, Myrtle Beach Pavilion, Dixie Stampede and Carolina Opry, and Ripley’s Aquarium to name just a few. The Hampton Inn features 122 guestrooms and suites and is situated on approximately 3.75 acres adjacent to the Cane Patch Golf Course and Driving Range and Northwood Shopping Center. 20% of the property’s inventory is comprised of guestrooms larger than 500 square feet! The property’s exterior is finished in stucco and Spanish tile and is very attractive and inviting.
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 seven 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 and estimated to cost over $400 million, the music-themed amusement park is billed as a totally immersive, full-day attraction, appealing to visitors of all generations. Expected to open in May 2008, Hard Rock Park will include 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 10 miles from the Hampton Inn.
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 10 miles from the Hampton Inn.
|
| |
 |
|
|
Photos
Additional Information
To download this information, please fill out the following information. All fields are required.
|
