Two companies that split 25 years ago are getting back together.
The Litchfield Co. Real Estate and Litchfield Beach and Golf Resort have merged, aiming to recreate the synergy and marketing power they had before Litchfield Beach and Golf was sold to Myrtle Beach National Co. in December 1990, officials announced Friday. When they split, Litchfield Co. Real Estate took the real estate sales and development while Beach and Golf Resort handled vacation rental marketing and management.
The newly combined company will be known as The Litchfield Co. and handle real estate sales, marketing, on-site vacation rentals, long-term rentals and real estate development. That will make it easier for clients, because they can buy property then put it in a rental program through the same company instead of having to deal with two agencies, officials said. The company will operate out of The Litchfield Co.’s current office at the entrance gate to Litchfield by the Sea.
“We now have the ability to not only develop and sell property to our customers, but we can also rent those properties for them. This will be better for our customers and us,” said Royce King, CEO of The Litchfield Co. who will remain broker in charge.
The combined company has more than 600 real estate listings and 435 condos in the rental management program, though more units will be added to the rental program as a result of a new partner coming on board through this merger.
Bill Baldree, owner and operator of vacation rental management firm Beach Vacations, will be a partner in the merged company and will be responsible over its vacation rental management. Properties along the Waccamaw Neck that are part of Beach Vacations portfolio, including True Blue and Pawleys Plantation, will be added to the Litchfield Co.’s rental program, King said.
Leaders have been working for years to put the two Litchfield companies back together. The Litchfield Co. was forced to sell off some of its assets — including its rental marketing and management arm — in 1990 amid Chapter 11 bankruptcy, King said.
“In many respects we are putting the original Litchfield Co. back together and returning to our roots,” King said. “It just makes us a strong company to be together.”
Terms of the merger were not disclosed.
Matthew Brittain, CEO of Myrtle Beach National Co., said the merger will allow for more growth.
“We are much stronger together than separate and will now be able to efficiently grow the new business far beyond where we could have by remaining independent,” he said.
The Litchfield Co., founded in 1956 by Foster McKissick, has deep roots along the Waccamaw Neck. It has developed and sold communities including Litchfield by the Sea, Litchfield Beach and Golf Resort, Willbrook, The River Club, The Reserve at Litchfield, The Reserve Harbor Marina, Clubhouse Creek, Inlet Point, Inlet Point South and Peninsula.
Contact DAWN BRYANT at 626-0296 or on Twitter @TSN_dawnbryant.