KBS Strategic Opportunity REIT II Buys Myrtle Beach Resort for $40M

by John Nelson

MYRTLE BEACH, S.C. — KBS Strategic Opportunity REIT II has acquired Springmaid Beach Resort, a 30-acre hotel and campground property in Myrtle Beach, for $40 million. KBS purchased the asset in a joint venture partnership with an affiliate of Integrated Capital LLC. The resort features 491 hotel rooms, a 36,000-square-foot conference center, 187-unit recreational vehicle campground and a 1,060-foot pier. The property’s primary hotel towers were built in 1992, 1995 and 2001. The new owners will operate the property as an independent resort until Hilton Worldwide repositions the asset into a DoubleTree Resort, which is expected to occur in 2016.

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