Blue Water Development, a multilevel development, investment and management company based in Ocean City, Md., has acquired the Inn at Pine Knoll Shores, a 102-room oceanfront hotel in Atlantic Beach, N.C., for $18 million. Marcus & Millichap represented the seller.
“This sale was a prime example of the shift in industry demand towards hotels driven by leisure business, particularly oceanfront,” Robert Hunter, SVP, investments in Marcus & Millichap’s Fort Lauderdale office, said in a statement. “The Atlantic Beach 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 Blue Water Development. Benjamin Yelm, Marcus & Millichap’s North Carolina broker of record, assisted in closing this transaction.
Formerly a Ramada, the Inn at Pine Knoll Shores is located along the Bogue Banks, a 21-mile barrier island on the Atlantic coast. Built in 1973, the 114,563-square-foot property includess onsite dining at the Clamdigger Restaurant and a tiki bar, the Cutty Sark Lounge. The hotel is within 6 miles of popular destinations, including North Carolina Aquarium at Pine Knoll Shores, Atlantic Beach Boardwalk, Lost Treasure Golf & Raceway, and Crystal Coast Country Club. The hotel was built in 1973 on 2.63 acres and was recently renovated.