Myrtle Beach area hotel owes millions, suit says. Could a sale soon follow?
A Myrtle Beach are hotel owes millions of dollars and a bank now wants to sell the property, according to a lawsuit.
Last week, Wilmington Trust filed for foreclosure against AD1 Myrtle Hotels, LLC in Horry County Court.
AD1 Myrtle Hotels operates the Courtyard by Marriott near Barefoot Landing, located at 1000 Commons Blvd. The hotel features more than 150 rooms and banquet hall space.
The owners borrowed more than $12.6 million in 2018 for the hotel, according to the filing.
Wilmington Trust says the hotel hasn’t made monthly mortgage payments since May. The bank says the hotel owes more than $15 million when interest is included.
The non-payments happened as many Myrtle Beach area hotels dealt with the financial crunch of COVID-19 closures and restrictions. Many hotels in Horry County were closed for most of April, but reopened by May.
It’s unclear if coronavirus had any impact on the Courtyard’s operations. Messages seeking comment by The Sun News was left with hotel officials.
Wilmington Trust asks for an order that will allow the property’s sale with the money to go to the unpaid mortgage, according to the filing.
The bank also asks for a person to be appointed to oversee the hotel’s operations, the suit says.
This story was originally published December 7, 2020 at 11:20 AM.
