A Myrtle Beach oceanfront timeshare is being sold for millions. It may become a hotel

A Myrtle Beach high rise is on the auction block with an asking price of nearly $5 million after its timeshare agreement was terminated.

Bids for The Yachtsman Resort at 1304 and 1404 N. Ocean Boulevard run Feb. 13 through Feb. 16 with a starting price of $4. 7 million, according to Ten-X, an online commercial real estate broker.

BJ Patel, managing director at Atlanta-based firm Hodges Ward Elliott, declined to comment Dec. 12.

Patel and other Hodges Ward Elliott representative are listed as contacts for the pending sale.

“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.”

Agents are marketing the property for potential use as a hotel in the hands of a new buyer, pointing to the Myrtle Beach area’s 21% lodging recovery rate between 2019 and 2021 along with the city’s 32% growth spurt over the last decade.

Municipal zoning codes would also allow for multi-family housing — an area of need for the city, which is running about 400 units behind its annual needs to keep up with growth.

The pending sale continues an ownership shakeup in Myrtle Beach’s lodging sector.

Last month, MB National LLC and Brittain Resorts and Hotels announced a partnership to run the Monterey Suites in Horry County’s northern end.

This story was originally published December 13, 2022 at 6:00 AM.