Peachtree Lends $85M in Myrtle Beach Hotels’ Recap

Lenders’ appetite for financing beachfront hotels is heating up.

Singerman Real Estate has landed $85 million of bridge debt for the recapitalization of two hotels in Myrtle Beach, S.C., Commercial Observer can first report.

Peachtree Group originated the three-year, floating-rate loan with two 12-month extension options for the real estate firm’s dual-branded 238-key The Ellie Beach Resort Myrtle Beach, Tapestry by Hilton and 214-key DoubleTree Resort by Hilton Myrtle Beach Oceanfront. The deal closed on the heels of Peachtree executing a $54 million bridge loan for a Hilton-branded waterfront hotel last month in the Florida Keys. 

“Historically as a firm we have liked originating loans for beachfront real estate and beachfront hotels,” Jared Schlosser, head of credit originations at Peachtree Group, told CO. “We felt good about the sponsor and our basis and our position in this deal.”

Chicago-based Singerman acquired the property in 2022 and debuted the hotels in 2024 following a $30 million renovation project. The upgrades, which were completed earlier this year, included adding an indoor waterpark to the Tapestry.

Schlosser noted that Singerman Real Estate has committed “significant equity” to the property, and that the hotels should benefit from no new supply entering the Myrtle Beach South submarket during the term of the loan. Singerman has a hospitality portfolio of 15 hotels in 16 states that largely consist of Marriott and Hilton brands. 

Myrtle Beach has many demand drivers as a hospitality market, according to Schlosser, with an estimated 18.2 million travelers in 2024, which included a 3.7 percent increase in overnight stays. He said the community also benefits from strong year-round leisure visitors attracted to its many golf courses, along with business travel generated through the Myrtle Beach Convention Center.

“This hotel, given the proximity to the airport, the pier, the beach and its price point, gives it the ability to compete pretty well now post-renovation,” Schlosser said. 

Officials at Singerman did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.