DENVER–Mission Hill Hospitality, a KSL Capital Partners portfolio company recently launched to transform select service and extended stay hotel investing, announced it has acquired the Hampton Inn at 1801 South Ocean Blvd. in Myrtle Beach, SC for an undisclosed amount. This is the 13th property in the Mission Hill Hospitality portfolio since the company was launched earlier this year.
“The opportunity to acquire this asset is in line with our strategy to build a balanced portfolio of hand-picked, high-quality select service and extended stay hotels in markets with strong long-term fundamentals,” said Greg Kennealey, CEO, Mission Hill Hospitality. “As the market continues to recover, we see great potential to add value to this property.”
The beachfront hotel features 228 guest rooms, including 52 suites, most with ocean views and terraces. Two 14-story towers, constructed from steel and concrete, total 187,301 square feet. The property boasts three outdoor and four indoor swimming pools, two lazy rivers, and an outdoor children’s water play area. Planned capital improvements include a reconfigured lobby, guest room updates and enhanced food and beverage offerings.
Located south of Myrtle Beach’s main pier, 1801 South Ocean Blvd. offers easy access to an abundance of recreation, entertainment, dining and shopping options, and is in close proximity to the airport,
The property will be managed by LBA, and will continue to operate under the Hampton Inn brand.
According to CoStar data, select service and extended stay hotels is the fastest growing segment of the hospitality industry, accounting for approximately one-third of all the transaction volume in hotels in the U.S.