Strand Capital Group, LLC and its affiliates (Strand) is a creative real estate development company specializing in oceanfront condominiums. Strand also is actively involved in condo/hotel management and operations through its affiliate Patricia Resorts. Strand has been among the most active developers along the Grand Strand coastal region of South Carolina over the past seven years. Strand and its partners have acquired, developed and now manage over 2,000 condominium / hotel accommodations with over 2,000 additional units planned or now under construction. Following is a brief overview of selected transactions:
Summary of Completed Transactions December 1998 Through September 2005
The Patricia Resorts Group is the Strand Capital hotel operations management company. Patricia Resorts handles all aspects of operations from central reservations, marketing, accounting, and general management.
Patricia Grand Hotel $35 million acquisition of the 308-room Patricia Grand Resort Hotel.
The Coral Beach Resort Hotel - $28 million acquisition of a 301 suite and hotel unit property. Coral Beach was recently named the #1 Family Beach Resort Hotel on the Grand Strand by the Travel Channel, which also named Myrtle Beach #8 in its recently released and televised special of the top ten beaches in America. While named #8 overall, Myrtle Beach was simultaneously named the #1 Family Beach destination in the United States.
The Sands Resorts - $65 million acquisition of the then largest resort group on the Grand Strand comprised of over 1,600 condos and hotel rooms. Strand immediately then served as the developer of a 130 unit, all three-bedroom condo tower and water park expansion.
Bay Watch Resort and Conference Center $90 million three-phase condominium development comprised of 523 units in the Crescent Beach section of North Myrtle Beach. The resort also features two ocean front restaurants, over 500 feet of pool decking and water features along with full-service meeting and banquet facilities. This is the largest ocean front development in North Myrtle Beach and was created in partnership with the City of North Myrtle Beach via a Planned Unit Development Agreement (PUD).
Fairfield Ocean Drive Strand is currently developing a four-phase 544 unit ocean front resort in the Ocean Drive section of North Myrtle Beach for Fairfield Resorts, Inc., a wholly owned subsidiary of Fortune 300 conglomerate, Cendant Corporation. This build to suit development for one of the largest timeshare companies in the world, is valued in excess of $120 million and was created in conjunction with the City of North Myrtle Beach via a PUD Agreement.
Fairfield Beach Cottages This $9 million beach cottage project is being built to suit for Fairfield as a complement to the ocean front resort.
Best Western Carolinian Beach Resort Initially a $7 million acquisition of the Carolinian Hotel, Strand has obtained a PUD designation for over 4.7 contiguous acres, obtained a franchise agreement with Best Western and has added an additional 129 condominiums and a new parking facility. This project, including a complete facelift of the original hotel property, is valued in excess of $32 million and reached completion in the spring of 2004.
Bluegreen Carolina Grande A $21 million / 118 unit resort now under construction for the Bluegreen Corporation scheduled for completion in November 2005. This project features on-site parking, a sales center, and an outdoor amenity and recreational sun deck located on the 6th floor.
Camelot Resort Hotel - Strand has a leasehold interest in this ocean front resort comprised of 230 1, 2, and 3-bedroom condominium units.
Ocean Park - $7 million acquisition of this 125-unit ocean front condo hotel.
North Myrtle Beach Corporate Center Strand recently completed construction of the first Class-A office building in North Myrtle Beach comprised of over 54,000 square feet of retail and office space. The building includes an upscale restaurant, selected retail tenants and a wide array of professional services firms.
Holiday Shores / Dixie Hotel - $2 million acquisitions of second row hotels with potential future development opportunities.
Ambassador East A $1.8 million acquisition in the spring of 2004 of an existing oceanfront hotel. Demolition and redevelopment of an $8 million multi-family structure commenced in January of 2005.
Arrowhead Grande A 42-acre residential development on the intracoastal waterway featuring luxury waterfront homes as well as additional inland home sites with waterway access.
Margaritaville of Myrtle Beach Strand holds a ground lease and served as the developer of this $6.5 million restaurant and bar which anchors the all-new Caribbean themed harbor at Myrtle Beachs #1 shopping, entertainment, and dining complex.
Harbourgate Marina A 108-unit $25 million waterfront condominium and marina development in North Myrtle Beach. Opening is scheduled for April 2006.
Prince Resort at the Cherry Grove Pier a 427 unit $150 million oceanfront resort located in the Cherry Grove section of North Myrtle Beach featuring a fishing pier, retail outlets, and dining facilities. Construction of Phase I began in the spring of 2005.
Park Place 92 luxury condominiums planned for construction in Carolina Beach in the winter of 2005.
Patricia Grand Condominium Conversion Converted 130 out of a total of 308 hotel rooms to condominiums at the historic Patricia Grand Hotel. This conversion yielded a retail value in excess of $21 million.
Anderson Ocean Club a 304 unit $120 million oceanfront resort located at 26th Avenue North in Myrtle Beach. This resort will be developed in a single phase and is an integral part of the 26th Avenue PUD which Strand successfully created with the City of Myrtle Beach originally in November 2002. Construction is planned to begin in the fall of 2005.
Sea Mist Resort a 1,600 unit $750 million all-inclusive oceanfront resort planned for construction in early 2006. This mixed-use facility will be developed within a City of Myrtle Beach PUD. The PUD application is scheduled to receive its first review by the City Council of Myrtle Beach in September of 2005.
Condo Conversions, LLC This entity was recently formed to convert in excess of 500 hotel rooms and suites into condominiums in the fall of 2005.
Strand Capital Group, LLC.
Loyd R. Daniel
J. Patrick Lowe
M. Bert Anderson
Email: Info at StrandCapital.com
