who bought yachtsman myrtle beach today

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This Myrtle Beach, SC, oceanfront high-rise sold for $13 million. What we know

One of Myrtle Beach’s oceanfront high rises was sold.

The Yachtsman Resort at 1304 North Ocean Blvd. was purchased by Hybridge Capital Management, according to the firm’s Feb. 20, 2024 press release. Hybridge Capital Management is based in Los Angeles and bought The Yachtsman out of bankruptcy, according to the press release.

The sale closed Feb. 2, 2024, with a final sale price of about $13 million, according to documents filed with the United States Bankruptcy Court District of South Carolina. Max Mellman is the managing partner at Hybridge Capital Management, and coupled with improvements the firm intends to make to the Yachtsman, Hybridge’s investment is north of $15 million.

Mellman added the firm intends to operate the Yachtsman, do renovations, and have no plans to knock the building down.

“We just wanted to extend our presence,” Mellman said in an interview with The Sun News. “We found yachtsman to be an iconic piece of real estate well located by the Ferris wheel here, and we’re just looking to enhance it and really lean into the Myrtle Beach market.”

The resort first went on sale in 2022 due to the termination of its former timeshare agreement, The Sun News reported at the time.

The Yachtsman is not Hybridge Capital Management’s first deal on the Grand Strand.

An investment firm focused on commercial real estate , Hybridge offered co-investment for the purchase of The Sandcastle Oceanfront Resort at the Pavillion and Sandcastle Oceanfront Resort South Beach with Springboard International Advisors LLC, as reported in December 2022 by Hospitality Net.

Hospitality Net’s report does not say how much Hybridge co-invested in both Sandcastle resorts, and Mellman did not disclose how much the purchase was for; however, combined with The Yachtsman purchase, Hybridge Capital now has 410 property keys in its Myrtle Beach portfolio.

He added that the north tower is undergoing an extensive renovation soon. For Mellman, the fundamentals of the Myrtle Beach market drew Hybridge to the Grand Strand.

“There’s a lot of people moving to Myrtle just because they’re getting priced out of places like Florida and New York, and we see it as an optimal place of growth,” he added. “It’s getting nicer, nicer, and we find in the next 10 years I view the Myrtle Beach market similar to how Long Beach was in the 70s.”

Hybridge has previously posted its lending parameters on LinkedIn , which included check size offers ranging from $2-60+ million for single-family residences, multifamily and entitled lands, according to a 2023 LinkedIn post.

Indeed, Hybridge’s entry as a serious player in the high-rise space in Myrtle Beach is part of its business strategy of finding assets under duress and undervalued.

“(We’re targeting) distressed acquisitions and deals where what I like to call no-brainers, especially in this market with the amount of stress on commercial real estate mainly due to the rising interest rates and maturing debt,” Mellman added. “In the case of the Yachtsman, we loved it because it had multiple exit strategies, (and) the zoning was incredibly friendly. The timeshare regime was no longer associated with the deal and was completely wiped with the bankruptcy proceeding. So they were fully unencumbered condos ... that flexibility gave us a lot of comfort.”

While Mellman is bullish on the Myrtle Beach market long-term, he’s not looking to add more properties for the immediate future unless the deal is right. Interest rates and inflation present rocky waters right now, coupled with shakiness in the short-term rental and real estate markets ; Mellman and Hybridge will stand fast for now. However, Mellman believes he won’t have to wait too long.

“We’re very defensive right now,” He added. “But if the right price comes along, I would not be averse to acquiring ... We think just the pressures as interest rates, there’s going to be a windfall of deal flow in the next 12 to 24 months.”

Indeed, interest rates are impacting other markets in the Grand Strand, like the housing market. Home sellers were more conservative in 2023 than in previous boom years across the Grand Strand, as the real estate market is potentially settling. While the pace of construction did not slow, residents selling in the market are not speculating. For Jeff Forman, a real estate agent with Keller Williams Realty, Inc., if people put their home on the market, it’s for a reason.

“(Sellers) really want to relocate to a different part of the state, or a different state in general, for family reasons, and for work reasons,” Forman said. “Those are the two major things that I’ve seen.”

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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.

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.

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Auerbach Funds Acquires Yachtsman Resort Towers from Bankruptcy in Myrtle Beach, SC

The two Yachtsman Towers at 1304 and 1404 N Ocean Blvd in Myrtle Beach, SC. The towers are separated by the SeaGlass Tower, center.

Peter Auerbach, Founder and Managing Partner of Auerbach Funds

Media Contact: Auerbach Investor Relations [email protected]

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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 Sand Lake Rd., Suite 130 | Orlando, FL 32819 (321) 754-1033 [email protected]

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Beverly Hills group buys Yachtsman Resort for new residential high-rise

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The Yachtsman Resort in Myrtle Beach has been purchased by a Beverly Hills real estate firm. The group plans to convert it into a residential high-rise.

Hybridge Capital’s Max Mellman confirmed the sale on Thursday.

According to Hybridge, the deal was secured through an off-market transaction.

According to Mellman, the company plans to develop the beachfront condos into ‘higher-end’ long-term housing.

“ Adding some additional housing to Myrtle Beach is something we’re excited about ,” he said.

In online records, the mortgage for the property is nearly $12 million.

The Beginnings of Yachtsman Resort

Yachtsman Timeshare in Myrtle Beach has a captivating history that dates back to its humble beginnings. Founded by a group of passionate yachtsmen in the early 1980s, the vision was to create a unique vacation experience for like-minded individuals who shared a love for boating and luxury living. The concept of timesharing at Yachtsman quickly gained traction among those seeking an exclusive getaway without the hassles of full ownership. The idea of owning a slice of paradise along with access to top-notch amenities resonated with many beach enthusiasts. As word spread about the unparalleled experiences offered at Yachtsman Timeshare, more people flocked to Myrtle Beach to indulge in its luxurious accommodations and breathtaking views. The resort’s reputation continued to soar as guests raved about their unforgettable stays and seamless vacation experiences. Over the years, Yachtsman Timeshare has evolved into a premier destination for travelers looking for upscale accommodations paired with exceptional service. Its commitment to providing unparalleled relaxation and leisure opportunities has solidified its position as a top choice for discerning vacationers worldwide.

Notable Features and Amenities of Yachtsman Timeshare

Yachtsman Timeshare in Myrtle Beach offered a plethora of notable features and amenities that set it apart from the rest. From above average accommodations to tourist services, Yachtsman catered to every need of its timeshare owners. The resort boasts spacious and well-appointed units with stunning ocean views, providing a perfect retreat for vacation-goers seeking relaxation and comfort. Guests can indulge in a range of on-site amenities including outdoor pools, hot tubs, fitness centers, and direct beach access. For those looking to explore beyond the resort grounds, Yachtsman offers convenient proximity to popular attractions such as Broadway at the Beach, The Boardwalk, and championship golf courses. Additionally, the resort’s concierge service is always ready to assist with booking local excursions or dining reservations. Whether you were seeking a peaceful escape or an adventure-filled getaway, Yachtsman Timeshare had something for everyone.

Popularity and Expansion of Yachtsman Resort

The popularity of Yachtsman Timeshare in Myrtle Beach has been on the rise since its inception. With its prime location and top-notch amenities, it quickly became a sought-after vacation destination for many travelers. The word-of-mouth recommendations and positive reviews from satisfied guests have further fueled its popularity. As the demand for Yachtsman Timeshare grew, so did the expansion of the resort. New buildings were added, offering even more luxurious accommodations and breathtaking views of the ocean. The addition of state-of-the-art facilities and services only enhanced its appeal to both existing owners and potential buyers. With each passing year, Yachtsman Timeshare continued to attract vacationers from near and far, solidifying its reputation as a Myrtle Beach vacation spot. Its commitment to providing a memorable experience for all guests ensured, early on, that it remained at the forefront of timeshare resorts in the area.

The Impact of Yachtsman Timeshare on Myrtle Beach’s Tourism Industry

Yachtsman Resort made a significant impact on the tourism industry in Myrtle Beach. By offering popular accommodations and multiple amenities, Yachtsman attracted visitors from all over seeking a Myrtle Beach vacation experience. The presence of Yachtsman Timeshare has not truly elevated the overall prestige of Myrtle Beach as a prime vacation destination, however. The City of Myrtle Beach, overall, does not have a reputation for quality and excellence. A $54 million tax funded Myrtle Beach Area Chamber of Commerce annual budget helps to draw in more tourists to the Grand Strand each year, boosting the Horry County economy and creating jobs in the hospitality sector. With its beachfront location and facilities, Yachtsman Timeshare will now become synonymous with residential living in Myrtle Beach.

With this bankruptcy sale, Yachtsman Timeshare’s impact on Myrtle Beach’s tourism industry cannot be overstated. More resorts could soon follow.

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The two Yachtsman Towers at 1304 and 1404 N Ocean Blvd in Myrtle Beach, SC. The towers are separated by the SeaGlass Tower, center.

Peter Auerbach, Founder and Managing Partner of Auerbach Funds

Media Contact: Auerbach Investor Relations [email protected]

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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• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years! Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
• TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you! Read about our 30th anniversary: Happy 30th Birthday TUG!
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The Yachtsman, Myrtle Beach owners?

• Thread starter Art4th
• Start date Apr 4, 2007

• Apr 4, 2007

I recently purchased a summer week at the Yachtsman and would like to hear from any current (or former) owners about the process for reserving your week each year, and any other useful information you may have.. You can post here, or send me a PM. Thanks, Art  

• Apr 3, 2012

I was looking into the Yachtsman as my timeshare. Any thoughts from owners?  

Is this some kind of TUG record? Bringing a five year old post back to life.  

Pro said: Is this some kind of TUG record? Bringing a five year old post back to life. Click to expand...

• Apr 4, 2012

This resort has a unique approach to reserving Red weeks. Each red week owner is assigned 100 points each year. Prime summer weeks require more then 100 points, lesser red weeks require less. So you can save up your points from one year to the next and reserve a prime red week. This method assures that there is some rotation between owners when reserving prime red weeks.  

Thats helpful to know. thank you  

I stayed at the Yachtsman a number of years ago. My recollection is that units were small. Location is in relatively high traffic area. Shortly after staying at the Yachtsman I bought (resale market) at Peppertree by the Sea in No. Myrtle Beach. Also small units, non highrise, less congestion and opens right on a big wide beach. Just my personal choice. Not knocking Yachtsman. George  

Thanks - there is alot of peppertree for sale right now also.  

momofone said: Thanks - there is alot of peppertree for sale right now also. Click to expand...

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Auerbach Funds Acquires Yachtsman Resort Towers from Bankruptcy in Myrtle Beach, SC

The two Yachtsman Towers at 1304 and 1404 N Ocean Blvd in Myrtle Beach, SC. The towers are separated by the SeaGlass Tower, center.

Peter Auerbach, Founder and Managing Partner of Auerbach Funds

— Peter Auerbach

CHARLOTTE, NC, USA, May 7, 2024 / EINPresswire.com / — A partnership between Auerbach Funds and Hybridge Capital Management has recently acquired 159 beachfront units in the Yachtsman Resort located in Myrtle Beach, South Carolina.

The two 80-unit towers were acquired from the bankruptcy proceedings of SC Beach Partnership, the former administrator of the Yachtsman Timeshare regime which was dissolved in the bankruptcy. Due to the distressed nature of the transaction, the towers were acquired well below replacement cost.

The partnership plans to renovate and update the interior and exterior of the towers as well as common areas and amenities that will provide residents and their families comfortable and modern beachfront living at a professionally managed property. The asset is centrally located on the Myrtle Beach Boardwalk and is the closest establishment to the Myrtle Beach Pier. Given the area’s high growth as a vacation destination in recent years, the Partnership believes that as the first beachfront multifamily property in the city, the Yachtsman will be well positioned to outperform its competition.

Peter Auerbach , Founder and Managing Partner of Auerbach Funds, stated “This transaction represents our fundamental strategy of purchasing irreplaceable assets at attractive prices for our investors. In this acquisition, we were faced with a great deal of complexities, which the team at Hybridge was excellent in navigating on behalf of the Partnership.”

This transaction, executed in tandem with the acquisition of a multifamily asset in Washington, D.C., are the first two assets in the new Auerbach Opportunity Fund IV portfolio. The Fund recently closed its friends and family fundraising round and will begin taking on new investors throughout 2024.

About Auerbach Funds Auerbach Funds is a Charlotte, North Carolina based real estate private equity fund manager. Founded in 2016, Auerbach Funds manages over $736 million in total asset value at purchase in four fully discretionary funds, comprising of over 7.1 million square feet. Auerbach’s opportunistic funds seek to make real estate investments in distressed, mismanaged, or under performing assets across the U.S. within the multifamily, retail, hospitality, senior housing and specialty asset types.

For more information visit: www.auerbachfunds.com

Media Contact: Auerbach Investor Relations [email protected]

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May 07, 2024, 16:46 GMT

EIN Presswire’s priority is source transparency. We do not allow opaque clients, and our editors try to be careful about weeding out false and misleading content. As a user, if you see something we have missed, please do bring it to our attention. Your help is welcome. EIN Presswire, Everyone’s Internet News Presswire, tries to define some of the boundaries that are reasonable in today’s world. Please see our Editorial Guidelines for more information.

Originally published at https://www.einpresswire.com/article/709571164/auerbach-funds-acquires-yachtsman-resort-towers-from-bankruptcy-in-myrtle-beach-sc

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