PINE KNOLL SHORES — Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced last week the sale of The Inn at Pine Knoll Shores.
In a news release Dec. 30, the firm said the inn is a 102-room oceanfront hotel. The seven-story property was built in 1973 and recently sold for $18 million to Blue Water Development of Maryland.
“This sale was a prime example of the shift in industry demand towards hotels driven by leisure business, particularly oceanfront,” said Robert S. Hunter, Senior Vice President Investments in Marcus & Millichap’s Fort Lauderdale, Fla. office.
“The Atlantic Beach (Pine Knoll Shores) market is one of the few that continues to see monthly tourism revenue gains over 2021.”
Hunter and Marcus & Millichap’s Leo Reilly, in collaboration with McLean Hicklin in Marcus & Millichap’s South Carolina office, represented the seller and procured the buyer, Blue Water Development, a multi-level development, investment and management company based in Ocean City, Md. Benjamin Yelm, Marcus & Millichap’s North Carolina broker of record, assisted in closing this transaction.
The Inn at Pine Knoll Shores is at 511 Salter Path Road (Highway 58) on Bogue Banks. Many people in the area still remember it as the Ramada Inn, developed decades ago by the Mansfield family. More recently, it has been under corporate ownership, ARIM The Inn, LLC.
Built in 1973, the 114,563-square-foot property features onsite dining at the Clamdigger Restaurant and a tiki bar, the Cutty Sark Lounge. The hotel offers a combination of standard king rooms, junior king suites, doubles and handicap-accessible single queen rooms.
The hotel is within six miles of popular destinations, including the N.C. Aquarium at Pine Knoll Shores, the Atlantic Beach Boardwalk, Lost Treasure Golf & Raceway, and Crystal Coast Country Club. The hotel is on 2.63 acres and was recently renovated.
Founded in 2002, Blue Water specializes in investing, developing and managing RV resorts, campgrounds, hotels and attractions. Blue Water’s integrated approach to marketing, revenue management and operations has quickly established it as a hospitality industry leader, according to the release. It has dozens of resort-area properties in East Coast states from Maine to Florida.
Marcus & Millichap has offices throughout the United States and Canada.
Credit: https://www.carolinacoastonline.com/news_times/article_2fec21b0-8b74-11ed-8124-9f54bdc15c1a.html