who bought yachtsman myrtle beach today

California real estate firm acquires Myrtle Beach hotel for 'higher-end' housing

by Brianna Allison

MYRTLE BEACH, S.C. (WPDE) — A Beverly Hills-based real estate firm has purchased the Yachtsman in Myrtle Beach.

The management partner of Hybridge Capital Max Mellman confirmed the sale to ABC15 on Thursday.

READ MORE: Potential land purchase could expand Lewis Ocean Bay Heritage Preserve by 350 acres

A release from Hybridge detailed that the “deal was secured out of bankruptcy through an off-market transaction.”

Mellman added that the company is looking to develop the 159 beachfront condominiums into 'higher-end' long-term housing.

"We're excited about the project and to add some additional housing to Myrtle Beach,” he said.

According to online records, the mortgage for the property is nearly $12 million.

Hybridge Capital Acquires Yachtsman Resort in Myrtle Beach Out of Bankruptcy

MYRTLE BEACH, S.C. — Hybridge Capital Management has purchased The Yachtsman Resort, a 159-room hotel located at 1304 N. Ocean Blvd. in Myrtle Beach. The Los Angeles-based investor acquired the hotel, which was built in 1982, out of bankruptcy in an off-market transaction.

Bhavesh Patel of Hodges Ward Elliott represented the seller, Maryland-based Lemonjuice Solutions, in the transaction. The sales price was not disclosed. Max Mellman and Drew Rands of Max Benjamin Partners Inc., along with Justin Ghaderi of CBRE, secured an undisclosed amount of acquisition financing for the deal.

Hybridge Capital, which now owns 569 hotel/resort rooms in Myrtle Beach, plans to implement a capital improvement program to restore The Yachtsman. Details about the renovation were not disclosed.

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March 7, 2024

Lemonjuice Solutions Announces the Sale of The Yachtsman Resort

Lemonjuice solutions has completed the sale of the yachtsman resort to hybridge capital for $12.75 million..

ORLANDO, FL, US, March 5, 2024 / EINPresswire.com / —  Lemonjuice Solutions  has completed the sale of The Yachtsman Resort to Hybridge Capital for $12.75 million.

This oceanfront property, comprised of two towers and 160 units, was sold for $12.75 million, with the transaction finalized on January 31, 2024. Timeshare owners are set to receive an average of $2,643 per timeshare interest, contingent upon account balance and unit size.

Facilitating Positive Outcomes for Owners Located in Myrtle Beach, South Carolina, The Yachtsman Resort faced significant financial challenges, compounded by a diminishing owner base and severe structural issues.  Lemonjuice  stepped in back in 2018, providing financial support to keep the resort operational while undertaking necessary repositioning efforts.

This intervention not only sustained business operations but also ensured owners and guests continued to enjoy the resort's amenities during the evaluation and restructuring process. Lemonjuice also oversaw the structural repair project, resulting in savings of over $4 million for the owners, and addressed legal issues stemming from expired developer rights.

Regular communication channels, including mailings, phone outreach, and town hall meetings, were utilized to keep owners informed about progress and educated on their available options. The Lemonjuice team, led by CEO Alex Krakovsky and senior leadership, collaborated closely with the Board of Directors to devise tailored strategies addressing the unique challenges faced by The Yachtsman. Continuous engagement with owners and addressing their inquiries and concerns remained a priority throughout the process.

Alex Krakovsky, CEO of Lemonjuice Solutions, emphasized that The Yachtsman faced unique challenges and required close collaboration among all the stakeholders — This included keeping The Yachtsman operational until the sale's completion and ensuring transparency by conducting the sale under federal court supervision, given the property's size and complex legal, financial and title issues.

"The Yachtsman faced unique challenges and required close collaboration among all the stakeholders."

Overcoming Significant Challenges

Bobby G. Mitchell, Association President, sought Lemonjuice's assistance after identifying critical mismanagement issues that had pushed the resort to the brink of insolvency. Lemonjuice's intervention included the acquisition of several hundred intervals in 2018, followed by collaborative efforts with the Association to restore solvency through improved management practices, rental strategies, and maintenance fee collections.

A thorough evaluation of existing contracts revealed substantial overpricing in structural repair and other service agreements. With approval from the Board, Lemonjuice terminated these contracts and engaged more cost-effective and reputable service providers, resulting in significant savings for the association.

Mitchell acknowledged Lemonjuice's invaluable contributions, highlighting their expertise and professionalism, which played a pivotal role in averting bankruptcy and ensuring compliance with building codes during repairs.

Addressing Unexpected Obstacles Lemonjuice navigated various unforeseen challenges, including failed financial audits, legal claims, and legislative changes impacting timeshare laws in South Carolina. Through strategic interventions, including obtaining title insurance, Lemonjuice successfully concluded the sale of the property in February.

Continued Commitment to Owners Mitchell commended Lemonjuice for its transparency and expertise, expressing confidence in recommending their services based on their track record of professionalism and results-driven approach. Lemonjuice's successful track record includes the reimagination and sale of 12 former timeshare properties since 2016, returning over $70 million to timeshare owners. The company anticipates completing an additional 8 properties in 2024 under its Resorts Reimagined™ program.

About Lemonjuice: Lemonjuice Solutions specializes in strategic planning, investment capital, and professional management for timeshare and mixed-use properties. Distinguished by its solutions-oriented approach, Lemonjuice aligns its interests with stakeholders by investing its own capital and resources. The Resorts Reimagined™ program exemplifies Lemonjuice's commitment to revitalizing legacy timeshare resorts and creating value for owners.

For inquiries about Resorts Reimagined™ and Lemonjuice Solutions services, please contact Jan Barrow at 863-602-8804 or via email at [email protected].

7380 W. Sand Lake Rd., Suite 130 | Orlando, FL 32819 (321) 754-1033 [email protected]

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The two Yachtsman Towers at 1304 and 1404 N Ocean Blvd in Myrtle Beach, SC. The towers are separated by the SeaGlass Tower, center.

Peter Auerbach, Founder and Managing Partner of Auerbach Funds

Media Contact: Auerbach Investor Relations [email protected]

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Yachtsman Oceanfront Resort

Listing Contacts

Deal terms are not currently defined. Request your own specific terms when submitting a non-binding offer.

1304 N Ocean Blvd, Myrtle Beach, SC 29577

Marketing description, the opportunity.

RobertDouglas has been exclusively retained to solicit offers from qualified investors to acquire the dual-tower Yachtsman Oceanfront Resort (the “Hotel” or the “Yachtsman”) which has been a staple on Myrtle Beach for over 40 years and is one of the best-positioned assets on the beach.​ All 159 Yachtsman keys have unobstructed oceanfront views in addition to fully-equipped kitchens.​ Guests can also take advantage of the Hotel’s direct beach access, outdoor grills, two outdoor pools, four whirlpools, and shuffleboard court.​ Located in the heart of Myrtle Beach at the entrance to the 1.2-mile-long Boardwalk along the Atlantic Ocean, the Hotel is seconds from beloved attractions including the SkyWheel and Ripley’s Believe It or Not! museum.​ In addition to owning prime oceanfront real estate, the Hotel presents new owners with the opportunity to inject Myrtle Beach’s charm into the Hotel with numerous, actionable value enhancement opportunities.​  Key Investment Highlights include:

Condos create business plan flexibility

Premier beachfront destination

High barrier to entry, high demand market

Unencumbered of brand and management

Located in a Qualified Opportunity Zone ("QOZ")

RobertDouglas has arranged for tours to be held on the following days:

September 10-11 (Tue-Wed)

September 17-18 (Tue-Wed)

All serious and interested parties are strongly encouraged to tour the Property and additional tour dates may be available upon request.​ Please coordinate your tour date and time directly with Jessica Sun at jsun@robert-douglas.​com.​

Investment Highlights

Condominium Units:

With all 160 rooms at the Yachtsman previously “Condo’d” (one being independently owned), potential owners have maximum flexibility in business plan execution. Individual Condos could be sold off as with or without a rental pool program and a fractional ownership structure could be explored. This flexibility is further enhanced as each of the two 80-room towers could have a different execution to maximize value.

Premier Beachfront Location

The Yachtsman’s two beachfront towers control a total of 115 feet of pristine oceanfront beach access along the Myrtle Beach Boardwalk and Promenade in the heart of the city. In addition to every room having an ocean view, the Hotel is easily accessible from the airport and a short walk to the epicenter of the Boardwalk.

High Barrier to Entry Market / High Demand Market

In 2024, the Myrtle Beach area was named the Fastest Growing City in the United States for the 3rd year in a row, according to U.S. News & World Report; the city was also named the most moved-to place in the United States for the second year in a row, according to PODS Moving and Storage. Further, Myrtle Beach has realized tremendous population growth increasing by around 47% from 2010 to 2023 according to U.S. Census Data.

Unencumbered of Brand and Management

The all-suite rooms product – each with a kitchen – is unencumbered of brand providing flexibility for repositioning to drive ADR. Bringing a new institutional-quality Manager will have the opportunity to maximize the value of the Hotel today and in the future whether repositioned or not.

Located in a Qualified Opportunity Zone (“QOZ”) The Hotel lies within a Qualified Opportunity Zone (“QOZ”) which provides the potential investor with a unique opportunity to further enhance their returns by buying the property through the tax advantaged structure (QOZ). The investment returns can be further enhanced if the property is acquired with equity from capital gains.

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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.

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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‘You’re doing this for a reason’: Myrtle Beach honors 9/11 heroes with stair climb, ceremony

M YRTLE BEACH, SC (WMBF) - Members of the Myrtle Beach community took a moment to pause and remember the events of Sept. 11, 2001, on Wednesday, 23 years since the terror attacks on U.S. soil that claimed nearly 3,000 lives.

The city first held a stair climb, which saw dozens of firefighters climb the Yachtsman Resort steps to remember the movements of first responders who answered the call of service at the World Trade Center in New York.

“My body hurts a little bit, but in your heart, you’ve got to remember you’re doing this for a reason,” said Jim Alercia, a Myrtle Beach firefighter who took part in the climb.

In total, firefighters climbed the resort steps 11 times, matching the 110 stories of the World Trade Center. Junior firefighters also participated in the climb to ensure they also understood what America lost that day.

Daniel Perez said Wednesday’s stair climb was important to bring his young son to and honor the victims and first responders who put their lives on the line on 9/11.

“To see everyone pay respects and do this in their memory. I know as he [Perez’s son] gets older, maybe he’ll be able to do the climb himself all the way,” he said.

Making a promise to never forget was at the center of the stair climb and a memorial held later Wednesday in Memorial Park.

Myrtle Beach Mayor Brenda Bethune spoke at the ceremony along with first responders who were there in New York on 9/11.

“Our sacrifice did not end when the towers fell,” said Karen Normile, a retired New York City police officer. “It continues every day. Today, we stand together. We honor the memories of those [who] perished and those who continue to suffer.”

The ceremony was filled with emotion and served as a reminder that the sacrifices made on 9/11 are still being felt.

“One thing that concerns me is that children growing up today aren’t going to know much about it,” said Eric Rice, a 9/11 first responder who attended Wednesday’s ceremony.

However, the Myrtle Beach Fire Department is working to keep the significance of 9/11 alive for future generations by bringing several junior firefighters to complete the stair climb.

“Especially now as they’re getting into their firefighting career, they now know what we endured when we lost our first responders on 9/11,” said Alercia.

WMBF News coverage of Wednesday’s ceremony at Warbird Park can be viewed below:

Stay with WMBF News for updates.