One of South Carolina's largest privately owned conference venues and resorts has changed hands in a transaction valued at $156 million.
The 160-acre Grand Strand property is made up of the 385-room Myrtle Beach Resort and the 255-room Embassy Suites by Hilton Myrtle Beach Oceanfront Resort.
The two hotels have a combined 100,000 square feet of meeting and event space, along with numerous other amenities.
The deal also included more than 1,600 residential condominiums and townhomes, as well as about 2,800 feet of beachfront property along the Atlantic Ocean.
Bethesda, Md.-based RLJ Lodging acquired the Myrtle Beach resort about two years ago when it snapped up a smaller rival hotel investment firm.
“This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into more accretive opportunities that will ultimately drive long-term shareholder value,” CEO Leslie Hale said in a written statement.
The new ownership group is EOS Investors LLC. The New York City-based firm described its newest acquisition as “the largest and most comprehensive oceanfront conference venue between Atlantic City, New Jersey, and West Palm Beach, Florida.”
"The resort is a great example of an irreplaceable resort in a desirable destination market that defines our investment approach," said Jonathan Wang, president.
Hilton Hotels & Resorts will remain as Kingston's management company.