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Image Credit Charleston Harbor Resort & Marina
- American Financial Group, Inc. (AFG) sells Charleston Harbor Resort & Marina, including the hotel and related assets, through a wholly-owned subsidiary.
- AFG expects to recognize a net, after-tax gain of approximately $100 million from the sale, which is projected to close in the second or third quarter of 2025.
American Financial Group, Inc. (AFG) has announced that its wholly-owned subsidiary has entered agreements to sell Charleston Harbor Resort & Marina, a prime resort property and marina in Charleston, South Carolina. The sale includes the hotel and related assets and is expected to close in the second or third quarter of 2025, pending a sixty-day due diligence period.
The agreements contain customary representations, warranties, and closing conditions. During the due diligence period, either purchaser can terminate the agreements at their discretion. If not terminated, the transaction is expected to proceed to closing upon the satisfaction of other conditions.
AFG anticipates recognizing a net, after-tax gain of approximately $100 million ($1.20 per share) from the sale. This significant financial development underscores the value of the property and its assets.
Charleston Harbor Resort & Marina comprises two full-service hotels, a 459-slip marina, a full-service restaurant, a retail store, and other amenities. AFG first acquired the property in 2002, which was later named Charleston Harbor Resort & Marina.
Since its acquisition, AFG has implemented numerous improvements, including constructing The Beach Club, a luxury waterfront resort. These enhancements have significantly increased the property’s value and attractiveness, making it a premier destination in the hotel and travel industry.
