The Beverley Beach House | Oceanfront Boutique Hotel

Property listed by David Lockwood License number: SC MB3721

Property tours are by APPOINTMENT ONLY. Any attempts to visit/contact property without agent approval will result in a ban from all future listings! Prospective buyers can view financial history including revenue, NOI, ADR, and Occupancy by clicking "Download OM" and signing a confidentiality agreement. This property is currently listed as unpriced. NO PRICING GUIDANCE IS AVAILABLE. Ownership will review and respond to all offers and ultimately select the offer with the best price and terms.

Colliers, as an exclusive representative of the seller, is pleased to present to qualified investors the Beverley Beach House, located at 2502 N Ocean Blvd, Myrtle Beach, SC 29577. The subject property is a 26-room six-story, interior-corridor, limited-service asset located on the oceanfront on North Ocean Blvd. (5,100 vehicles per day) and off of N Kings Hwy (25,800 vehicles per day). The property, built in 1974, and renovated in 2019 sits on a 0.26-acre parcel and offered with fee simple interest, unencumbered by debt, and unencumbered by third-party management. The hotel is conveniently located in Myrtle Beach, SC and is nearby major cities like Charleston, SC (population over 138,000) and Wilmington, NC (population over 123,000).

The current ownership spent over $1 Million on property renovations which included upgraded room furniture, mattresses, case goods, linens, bathtub refinishing, drapery, room locks and hardware in addition to modernizing and replacing the elevators, PTAC/HVAC upgrades, exterior repair, sealing and painting, exterior signage, roof repairs, fitness center and a few other upgrades. In addition to the recent upgrades, there is a major upside for an owner-operator who can enact aggressive sales and rate management strategies since the current ownership is operating the property outside of the USA.

Though the property is not a member of STR Reporting, a dataset pulled from CoStar (the parent company to STR) shows the following hotel metrics, which can be used to index the Beverley Beach House versus a pseudo competitive set of Upscale and Upper Midscale hotels, tracked both geographically within the entire Myrtle Beach MSA, as well as specifically against other Myrtle Beach Oceanfront product.

For a dataset comprised of 35 hotels under the Upscale and/or Upper-Midscale segments, the Myrtle Beach Oceanfront showed Occupancy of 62.4% and ADR of $174.44 in 2023. For the same dataset, the Myrtle Beach Oceanfront showed Occupancy of 58.7% and ADR of $172.11 in 2022. For the same dataset, the Myrtle Beach Oceanfront showed Occupancy of 59.6% and ADR of $165.10 in 2021 .

Similarly, for a dataset comprised of 88 hotels under the Upscale and/or Upper-Midscale segments the Myrtle Beach MSA showed Occupancy of 61.2% and ADR of $160.89 in 2023. For the same dataset, the Myrtle Beach MSA showed Occupancy of 58.2% and ADR of $158.51 in 2022. For the same dataset, the Myrtle Beach MSA showed Occupancy of 59.2% and ADR and $157.87 in 2021.

Based on the operating statistics reported by CoStar, rooms revenue upside exists for a prospective purchaser of the Beverley Beach House through a sophisticated, hands-on sales and rate management effort. Compared to the CoStar data presented for Myrtle Beach Oceanfront hotels in the Upscale and/or Upper-Midscale categories, the Beverley Beach House showed Occupancy penetration indexes of 87%, 83%, and 74%, in 2021, 2022, and 2023, respectively: achieving occupancy of 52% in 2021, 49% in 2022, and 46% in 2023, compared to the dataset which achieved Occupancy of 60%, 59%, and 62% (rounded) in 2021, 2022, and 2023, respectively