Springmaid Beach Resort, Myrtle Beach, SC to Commence Property-Wide Renovation

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. August 20, 2015

MYRTLE BEACH, S.C. August 20, 2015 - The 30-acre oceanfront Springmaid Beach Resort in Myrtle Beach, South Carolina, is set to begin a property-wide renovation project in September. The transformation begins with the demolition of the 1950s-era Marlin's cafeteria and the Cypress guestroom building. In their places, the resort will construct a new waterfront focal point for the resort, including a registration and lobby area, ocean view restaurant with outdoor seating, lobby bar, "grab & go" snack area and outdoor entertainment courtyard.

In addition, the renovation will include a complete makeover of all 452 remaining guest rooms, which are located in the Live Oak and Palmetto towers. All guest rooms will feature an ocean view, private balcony, 40" HD TVs, and a resort-themed design palette. The property will be rebranded as a DoubleTree by Hilton upon completion of the renovation.

"We're eager to begin renovating this iconic property to refresh her 'Grand Dame' status with all the amenities and touches of a modern day resort destination," stated Kenneth Fearn, managing partner for Integrated Capital.

Integrated Capital Partner Stewart Cushman added, "When completed, the renovation will deliver a tremendously improved guest experience, while preserving the nostalgia of this landmark of the South Carolina coast."

Purchased in December 2014, the Springmaid Beach Resort is owned by an affiliate of Los Angeles-based Integrated Capital, LLC, along with its joint venture partner KBS Strategic Opportunity REIT II, a public, non-traded real estate investment trust based in Newport Beach.

Situated on a quarter-mile stretch of serene Atlantic shoreline at the south end of Myrtle Beach's Ocean Boulevard, the soon-to-be-branded DoubleTree by Hilton features the popular Springmaid Pier, offering world-class fishing as well as a general store, tackle shop and a bar & grill. The resort's beach is one of the area's best for surfing, is adjacent to the Myrtle Beach State Park and minutes away from Myrtle Beach's more than 100 golf courses. An ideal resort destination for guests of all ages, the property features six pools, an 18-hole miniature golf course, fitness center and two full-service restaurants. The resort also boasts expansive lawns and a 35,000-square-foot Conference Center, the largest ocean-view space in Myrtle Beach, accommodating events for groups of up to 600 guests.

About Integrated Capital, LLC

Integrated Capital is a leading hospitality focused private equity real estate firm based in Los Angeles, California. The firm has a reputation for excellence in hospitality investment and development. Since its founding in 2004, Integrated Capital has acquired or developed assets with a total capitalization of approximately $400 million and overseen renovation and development projects in excess of $80 million. In addition, the principals through their prior affiliation were directly participated in more than $1.2 billion of global hospitality investments and more than $300 million of renovation and development projects.

Contact:
Maria Hayworth
[email protected]
(386) 677-7000