The two hotels joining the portfolio are The Sandcastle Oceanfront Resort at the Pavilion and The Sandcastle Oceanfront Resort South Beach in Myrtle Beach.
Beachside duo
With a combined 410 rooms, the pair of properties will now be renovated.
The Sandcastle Oceanfront Resort at the Pavilion sits on the beach and features two swimming pools and a lazy river. The Sandcastle Oceanfront Resort South Beach offers indoor and outdoor pools, an oceanfront lawn area, and poolside cabana bar.
Refreshment details
Ben Rafter, CEO of Springboard Hospitality, said: “We’re thrilled to welcome these two oceanfront resorts to the Springboard Hospitality family as we expand our presence across the southeast US.
“With Myrtle Beach being a popular family vacation destination and receiving 19 million visitors annually, we look forward to transforming both properties with refreshed guestrooms and public spaces and bringing in our expert team and best-in-class technology.”
Next chapter
Springboard Investment Advisors (SIA), advised on structuring the hotel’s management contract and co-investment alongside Los Angeles-based Hybridge Capital Management. SIA provides capital solutions and invests in properties in multiple US markets, expanding Springboard Hospitality’s capabilities beyond management solutions.
Sean Williams, chief development officer, Springboard Hospitality, commented: “Alongside Springboard Hospitality and sponsor partners, Springboard Investment Advisors has executed over $200 million in hotel acquisitions and renovations over the last three years. Together with Hybridge, we are excited to begin the next chapter for the two Sandcastle resorts.”
Key destination growth
Springboard Hospitality currently manages 41 properties totalling more than 6,000 rooms, across 11 states. In the past two years it has increased its presence in key leisure destinations, including Kona, Hawaii; Branson, Missouri; Mammoth Spring, California, and Jackson, Wyoming – which join anchor properties in Los Angeles and San Francisco.
The Mammoth Spring property, Sierra Nevada Resort & Spa, is about to complete renovation, with the project due to finish in March. The 1970-built lifestyle hotel is undergoing updates to current hotel rooms and outdoor common areas, adding 30 resort cabins to the site to take it to 151 keys.
