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Dallas-based HALL Structured Finance (HSF) announced that the company has closed on a first lien construction loan totaling $68.5 million to develop a Compass by Margaritaville Hotel in North Myrtle Beach, South Carolina. The project sponsor is MIG Investments of MB. The deal was brokered by Brian Holstein of US Hotel Advisors.
Located 15 miles from downtown Myrtle Beach, the project is strategically positioned in the family-oriented community of North Myrtle Beach, known for its world class sandy beach.
The hotel will be a 14-story, 150-key oceanfront hotel featuring a full-service restaurant, poolside bar, two spa-like indoor pools, an outdoor pool, and a 13-foot outdoor waterslide. Additional amenities will include a business center, fitness center, and direct beach access.
“North Myrtle Beach presents a unique opportunity to capture tourism demand as it has limited high-quality hotel accommodations, making this an ideal location for a Compass by Margaritaville property,” said HALL Structured Finance Vice President and loan originator Brian Mitchell.
“The hotel will not only fill a critical hospitality gap but also bring a much-needed food and beverage dining option to the beachfront for guests and local residents alike. We’re proud to support a sponsorship group of experienced local hoteliers, led by a lifelong Myrtle Beach resident with deep roots in the community.”
MIG Investments manages a diverse portfolio of real estate developments across the region.
“We couldn’t be more excited to introduce the Compass by Margaritaville brand to North Myrtle Beach,” said Monty Morrow of MIG Investments of MB.
“This community means a lot to us, and we’ve seen firsthand the need for more high-quality hotels and dining options along this stretch of the coast. Our goal is to create a place where families, visitors, and locals can all feel at home — whether they’re here on vacation or just stopping by for dinner and a sunset.”
Partnership Grand Strand (PGS), Myrtle Beach Area Chamber of Commerce's nonprofit foundation, is hosting a five-part workshop series for local business owners, "The BIG Mentor Experience." Read More »
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