Through a joint venture, KBS Strategic Opportunity REIT II acquired a 90 percent equity interest in the Springmaid Beach Resort in Myrtle Beach, South Carolina. Springmaid Beach Resort opened in 1948 and is situated on 30 acres of oceanfront land adjacent to the 312-acre Myrtle Beach State Park. The Springmaid Beach Resort’s primary hotel towers were built in 1992, 1995 and 2001, with one older three-story building with 39 rooms built in 1980.
The property includes a 36,000-square-foot oceanfront conference center, two food and beverage outlets, a pier gift shop and tackle shop, indoor and outdoor pools, a fitness center, a miniature golf course, an arcade room, one-quarter mile of beach frontage and one of the longest fishing piers in South Carolina. It also includes a separately parceled 187-unit RV campground.
KBS, together with its joint venture partner, intends to make significant renovations to the Springmaid Beach Resort.
Total Purchase Price