Springmaid Beach Resort, which anchors the south end of Ocean Boulevard in Myrtle Beach, has been sold for $40 million, according to records at the Horry County Court House.
An affiliate of Integrated Capital LLC and its partner, KBS Strategic Opportunity REIT II has purchased the long established local hotel which had previously been managed by Charlestowne Hotels of Mt. Pleasant, S.C. KBS Strategic Opportunity REIT II is a California based company.
Springmaid Resort, first opened in 1948 as a private getaway for employees of Springs Mills. The hotel currently includes 500 rooms, a conference center, camping facility and a fishing pier.
The resort opened to the public in 1953.
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.
According to the Sun News of Myrtle Beach, the resort undertook a $9 million facelift in 2012 and a $19 million overhaul from 2000 to 2002.
The resort was orignally established and previously owned by Leroy Springs and Co. of Fort Mill, S.C. Mr. Springs’ Company, Springs Mills had owned the resort since 1953. Spring Mills was famously known world wide as a textile concern until those type businesses moved out of the Rock Hill/Fort Mill, S.C. area in the early 1980s.
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.