who bought the yachtsman in myrtle beach

California real estate firm acquires Myrtle Beach hotel for 'higher-end' housing

by Brianna Allison

MYRTLE BEACH, S.C. (WPDE) — A Beverly Hills-based real estate firm has purchased the Yachtsman in Myrtle Beach.

The management partner of Hybridge Capital Max Mellman confirmed the sale to ABC15 on Thursday.

READ MORE: Potential land purchase could expand Lewis Ocean Bay Heritage Preserve by 350 acres

A release from Hybridge detailed that the “deal was secured out of bankruptcy through an off-market transaction.”

Mellman added that the company is looking to develop the 159 beachfront condominiums into 'higher-end' long-term housing.

"We're excited about the project and to add some additional housing to Myrtle Beach,” he said.

According to online records, the mortgage for the property is nearly $12 million.

March 7, 2024

Lemonjuice Solutions Announces the Sale of The Yachtsman Resort

Lemonjuice solutions has completed the sale of the yachtsman resort to hybridge capital for $12.75 million..

ORLANDO, FL, US, March 5, 2024 / EINPresswire.com / —  Lemonjuice Solutions  has completed the sale of The Yachtsman Resort to Hybridge Capital for $12.75 million.

This oceanfront property, comprised of two towers and 160 units, was sold for $12.75 million, with the transaction finalized on January 31, 2024. Timeshare owners are set to receive an average of $2,643 per timeshare interest, contingent upon account balance and unit size.

Facilitating Positive Outcomes for Owners Located in Myrtle Beach, South Carolina, The Yachtsman Resort faced significant financial challenges, compounded by a diminishing owner base and severe structural issues.  Lemonjuice  stepped in back in 2018, providing financial support to keep the resort operational while undertaking necessary repositioning efforts.

This intervention not only sustained business operations but also ensured owners and guests continued to enjoy the resort's amenities during the evaluation and restructuring process. Lemonjuice also oversaw the structural repair project, resulting in savings of over $4 million for the owners, and addressed legal issues stemming from expired developer rights.

Regular communication channels, including mailings, phone outreach, and town hall meetings, were utilized to keep owners informed about progress and educated on their available options. The Lemonjuice team, led by CEO Alex Krakovsky and senior leadership, collaborated closely with the Board of Directors to devise tailored strategies addressing the unique challenges faced by The Yachtsman. Continuous engagement with owners and addressing their inquiries and concerns remained a priority throughout the process.

Alex Krakovsky, CEO of Lemonjuice Solutions, emphasized that The Yachtsman faced unique challenges and required close collaboration among all the stakeholders — This included keeping The Yachtsman operational until the sale's completion and ensuring transparency by conducting the sale under federal court supervision, given the property's size and complex legal, financial and title issues.

"The Yachtsman faced unique challenges and required close collaboration among all the stakeholders."

Overcoming Significant Challenges

Bobby G. Mitchell, Association President, sought Lemonjuice's assistance after identifying critical mismanagement issues that had pushed the resort to the brink of insolvency. Lemonjuice's intervention included the acquisition of several hundred intervals in 2018, followed by collaborative efforts with the Association to restore solvency through improved management practices, rental strategies, and maintenance fee collections.

A thorough evaluation of existing contracts revealed substantial overpricing in structural repair and other service agreements. With approval from the Board, Lemonjuice terminated these contracts and engaged more cost-effective and reputable service providers, resulting in significant savings for the association.

Mitchell acknowledged Lemonjuice's invaluable contributions, highlighting their expertise and professionalism, which played a pivotal role in averting bankruptcy and ensuring compliance with building codes during repairs.

Addressing Unexpected Obstacles Lemonjuice navigated various unforeseen challenges, including failed financial audits, legal claims, and legislative changes impacting timeshare laws in South Carolina. Through strategic interventions, including obtaining title insurance, Lemonjuice successfully concluded the sale of the property in February.

Continued Commitment to Owners Mitchell commended Lemonjuice for its transparency and expertise, expressing confidence in recommending their services based on their track record of professionalism and results-driven approach. Lemonjuice's successful track record includes the reimagination and sale of 12 former timeshare properties since 2016, returning over $70 million to timeshare owners. The company anticipates completing an additional 8 properties in 2024 under its Resorts Reimagined™ program.

About Lemonjuice: Lemonjuice Solutions specializes in strategic planning, investment capital, and professional management for timeshare and mixed-use properties. Distinguished by its solutions-oriented approach, Lemonjuice aligns its interests with stakeholders by investing its own capital and resources. The Resorts Reimagined™ program exemplifies Lemonjuice's commitment to revitalizing legacy timeshare resorts and creating value for owners.

For inquiries about Resorts Reimagined™ and Lemonjuice Solutions services, please contact Jan Barrow at 863-602-8804 or via email at [email protected].

7380 W. Sand Lake Rd., Suite 130 | Orlando, FL 32819 (321) 754-1033 [email protected]

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Hybridge Capital Acquires Yachtsman Resort in Myrtle Beach Out of Bankruptcy

MYRTLE BEACH, S.C. — Hybridge Capital Management has purchased The Yachtsman Resort, a 159-room hotel located at 1304 N. Ocean Blvd. in Myrtle Beach. The Los Angeles-based investor acquired the hotel, which was built in 1982, out of bankruptcy in an off-market transaction.

Bhavesh Patel of Hodges Ward Elliott represented the seller, Maryland-based Lemonjuice Solutions, in the transaction. The sales price was not disclosed. Max Mellman and Drew Rands of Max Benjamin Partners Inc., along with Justin Ghaderi of CBRE, secured an undisclosed amount of acquisition financing for the deal.

Hybridge Capital, which now owns 569 hotel/resort rooms in Myrtle Beach, plans to implement a capital improvement program to restore The Yachtsman. Details about the renovation were not disclosed.

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Beverly Hills group buys Yachtsman Resort for new residential high-rise

The Yachtsman Resort in Myrtle Beach has been purchased by a Beverly Hills real estate firm. The group plans to convert it into a residential high-rise.

Hybridge Capital’s Max Mellman confirmed the sale on Thursday.

According to Hybridge, the deal was secured through an off-market transaction.

According to Mellman, the company plans to develop the beachfront condos into ‘higher-end’ long-term housing.

“ Adding some additional housing to Myrtle Beach is something we’re excited about ,” he said.

In online records, the mortgage for the property is nearly $12 million.

The Beginnings of Yachtsman Resort

Yachtsman Timeshare in Myrtle Beach has a captivating history that dates back to its humble beginnings. Founded by a group of passionate yachtsmen in the early 1980s, the vision was to create a unique vacation experience for like-minded individuals who shared a love for boating and luxury living. The concept of timesharing at Yachtsman quickly gained traction among those seeking an exclusive getaway without the hassles of full ownership. The idea of owning a slice of paradise along with access to top-notch amenities resonated with many beach enthusiasts. As word spread about the unparalleled experiences offered at Yachtsman Timeshare, more people flocked to Myrtle Beach to indulge in its luxurious accommodations and breathtaking views. The resort’s reputation continued to soar as guests raved about their unforgettable stays and seamless vacation experiences. Over the years, Yachtsman Timeshare has evolved into a premier destination for travelers looking for upscale accommodations paired with exceptional service. Its commitment to providing unparalleled relaxation and leisure opportunities has solidified its position as a top choice for discerning vacationers worldwide.

Notable Features and Amenities of Yachtsman Timeshare

Yachtsman Timeshare in Myrtle Beach offered a plethora of notable features and amenities that set it apart from the rest. From above average accommodations to tourist services, Yachtsman catered to every need of its timeshare owners. The resort boasts spacious and well-appointed units with stunning ocean views, providing a perfect retreat for vacation-goers seeking relaxation and comfort. Guests can indulge in a range of on-site amenities including outdoor pools, hot tubs, fitness centers, and direct beach access. For those looking to explore beyond the resort grounds, Yachtsman offers convenient proximity to popular attractions such as Broadway at the Beach, The Boardwalk, and championship golf courses. Additionally, the resort’s concierge service is always ready to assist with booking local excursions or dining reservations. Whether you were seeking a peaceful escape or an adventure-filled getaway, Yachtsman Timeshare had something for everyone.

Popularity and Expansion of Yachtsman Resort

The popularity of Yachtsman Timeshare in Myrtle Beach has been on the rise since its inception. With its prime location and top-notch amenities, it quickly became a sought-after vacation destination for many travelers. The word-of-mouth recommendations and positive reviews from satisfied guests have further fueled its popularity. As the demand for Yachtsman Timeshare grew, so did the expansion of the resort. New buildings were added, offering even more luxurious accommodations and breathtaking views of the ocean. The addition of state-of-the-art facilities and services only enhanced its appeal to both existing owners and potential buyers. With each passing year, Yachtsman Timeshare continued to attract vacationers from near and far, solidifying its reputation as a Myrtle Beach vacation spot. Its commitment to providing a memorable experience for all guests ensured, early on, that it remained at the forefront of timeshare resorts in the area.

The Impact of Yachtsman Timeshare on Myrtle Beach’s Tourism Industry

Yachtsman Resort made a significant impact on the tourism industry in Myrtle Beach. By offering popular accommodations and multiple amenities, Yachtsman attracted visitors from all over seeking a Myrtle Beach vacation experience. The presence of Yachtsman Timeshare has not truly elevated the overall prestige of Myrtle Beach as a prime vacation destination, however. The City of Myrtle Beach, overall, does not have a reputation for quality and excellence. A $54 million tax funded Myrtle Beach Area Chamber of Commerce annual budget helps to draw in more tourists to the Grand Strand each year, boosting the Horry County economy and creating jobs in the hospitality sector. With its beachfront location and facilities, Yachtsman Timeshare will now become synonymous with residential living in Myrtle Beach.

With this bankruptcy sale, Yachtsman Timeshare’s impact on Myrtle Beach’s tourism industry cannot be overstated. More resorts could soon follow.

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The two Yachtsman Towers at 1304 and 1404 N Ocean Blvd in Myrtle Beach, SC. The towers are separated by the SeaGlass Tower, center.

Peter Auerbach, Founder and Managing Partner of Auerbach Funds

Media Contact: Auerbach Investor Relations [email protected]

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