MYRTLE BEACH, South Carolina—iBorrow announced that it has provided financing to a Los Angeles-based investor in commercial real estate and technology companies for its acquisition of the Sandcastle Oceanfront Resort, a 240-key beachfront resort hotel in Myrtle Beach, South Carolina. The $14.3 million financing, secured by iBorrow, provides funds for the purchase and capital improvements of the hotel.
“Post-COVID vacation travel and the ability to work from anywhere make resort-oriented properties in warmer climates an excellent opportunity for commercial real estate investors,” says Brian Good, CEO of iBorrow. “The borrower identified a fantastic property and needed a financing partner that could help them close the deal quickly. These are the types of transactions that are a perfect fit for iBorrow’s business model.”
Despite the fact that South Carolina’s hotel and tourism sector was hard hit by the pandemic, hotel and hospitality employment in the Myrtle Beach area continued to rebound in the first half of 2022 and remain a primary driver of economic output for the region, notes Good.
The Sandcastle property has a 30-year history of serving the vacation population in Myrtle Beach. Prior to the COVID-19 pandemic, the area was visited by 20.6 million people annually spending more than $11 billion. Though overall visitor levels have not yet rebounded to pre-pandemic levels, the area continues to be a strong destination for golfers with over 90 courses and 2.7 million rounds played in 2021.