yachtsman resort sale

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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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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.

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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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.

Partnership Tops Out 509-Unit Residences at The Wynwood Plaza in Miami

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Sale of ex-SC timeshares upended as top bidder says never mind

The Yachtsman Resort on Ocean Boulevard in Myrtle Beach hit the virtual auction block last month after it was ordered sold as part of a bankruptcy case.

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Myrtle Beach, South Carolina is one of the most popular family vacation destinations in the country, and the Yachtsman Resort is perfectly located near all of the top attractions. When you find these Myrtle Beach timeshares for sale, you will be able to buy time in your own vacation condo in this desirable destination for an affordable price.

Yachtsman Resort is located at the entrance to the famous Boardwalk and just a few steps from the SkyWheel and other attractions. Along with the theme rides and other activities on the beach, you will find championship golf courses, tennis courts, deep-sea fishing, outlet shopping as well as the daily activities offered at the resort. Your family will be able to enjoy a relaxing and rejuvenating vacation every year that will not break your budget. 

Quality Accommodation with All the Essentials

You can choose between a studio suite, a one or two-bedroom unit. All units have a fully equipped kitchen, dining room, whirlpool tub, entertainment system with cable TV and wireless Internet access. All units are oceanfront with spectacular views of the Atlantic Ocean. The Yachtsman Resort even has an indoor and an outdoor pool as well as an activity room.

When you find Myrtle Beach timeshares for sale at Yachtsman Resort, it is your opportunity to have a vacation unit without the worries of figuring out kitchen utensils, bed linen and towels and regular maintenance. You and your family just need to arrive and head straight for the beach.

Myrtle Beach is Fun for Everyone

The local attractions are many, including Ripley’s Aquarium, Barefoot Landing, and Brookgreen Gardens. The resort may arrange discounted tickets for many attractions and help organize your vacation so you do not miss a thing. If you would like to visit another destination, your Myrtle Beach timeshare is a great advantage for exchanging for another destination through an exchange service. Here is your chance to have a perfect vacation every year at a price you can afford.

Contact Yachtsman Specialist Today!

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• World Tour Golf Links 3.21 Miles
• Wild Wing Plantation - The Avocet 12.78 Miles
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• The Legends 0 Miles
• The International Golf Club of Myrtle Beach 12.74 Miles
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• Barefoot Resort & Golf - Norman Course 16.78 Miles
• Barefoot Resort & Golf - Love Course 16.78 Miles
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• Azalea Sands Golf Club 16.78 Miles
• Arrowhead Country Club 3.21 Miles
• Arcadian Shores Golf Club 7.74 Miles
• Aberdeen Country Club 15.51 Miles

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For sale Farmland, chegdomyn, Khabarovsk Krai, Russian Federation, Chegdomyn

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For sale - Cod. 36568

• Tipology: Farmland
• Area: 62675000 m²
• Rooms No.: land
• Publication date announcement: 13/09/2018

agrarian farm, agrarian economy, agricultural business, forest fund, forest for sale, land for sale, land for sale im Russia, agricultural land foe sale RUSSIA This forest fund consists of 3 parts . Total area – 62675 000 hectares. Summary annual leave of wood is 19 000 cubic metres yearly, but it could be increased to 70 000 cubic metres a year. Stock of ripe wood is 4510500 cubic metres, stock of mending wood is 1410700 cubic metres. Lease is to 2030 year. The plot is accessible to summer transportation for 60%. Also there is a railway way to railway station from the base. It`s area is 33583 square metres. There is also several buildings at the territory of a base: 1. iron hangar 20*80 metres 8 metres high 2. carpentry shop12*24 metres 3. 6 garages 6*8 metres 3.5 metres high 4. living quarters for 20-25 persons 5. stationary accommodation cabins for 10-12 persons 6. bathhouse 7. Sorting line 40 metres length 8. tower crane with running motion 50 metres and opportunity to store ander it to 10 000 cubic metres 9. one didn’t fixed tower crane 10. 2 sawmills P-63 and 2 sawmills P-55 11. band sawmill 12. various working machines

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