Portfolio of 4 Myrtle Beach Resorts Snapped Up
- Feb 05, 2008
Rawcliffe Resorts Inc. adds four Myrtle Beach, S.C. resort properties to its holdings with its purchase of Sands Resorts Holdings L.L.C. The oceanfront destinations account for a total of over 1,600 guest rooms and suites. The assets involved in the deal include the 400-room Ocean Dunes Resort & Villas, the 400-room Sand Dunes Resort Hotel, the 157-room Ocean Forest Villas and the 127-room Ocean Forest Plaza. Together, the properties feature an total of 25,000 square feet of meeting and convention space.All four will undergo substantial renovations in an effort to compete with the onslaught of new resorts that have sprung up in recent years, and existing properties that are being reinvented. One such highly anticipated project is Strand Capital Group L.L.C.’s $800 million redevelopment of Sea Mist Resort. For Rawcliffe, the purchase of Sands Resorts wraps up its takeover of all of the properties operating under the Sands Resorts brand; the company had already acquired the 450-room Sands Ocean Club, as well as Sands Beach Club, which offers 125 rooms. Sands Resorts was established over 35 years ago and eventually developed a portfolio of six resort properties with top restaurants and a water park.