Insurance holding company American Financial Group, Inc. (AFG) announced Monday that a wholly-owned subsidiary of the company has reached agreements to sell the hotel and related assets and the marina comprising Charleston Harbor Resort & Marina, a premier resort property and marina located in Charleston, South Carolina.
In addition to customary representations, warranties and closing conditions, each agreement includes a sixty-day due diligence period during which time either purchaser, in its sole discretion, can terminate the agreements.
The transaction is expected to close in the second or third quarter of 2025. The company currently expects to recognize a net, after-tax gain of approximately $100 million or $1.20 per share on the sale.
Charleston Harbor includes two full-service hotels, a 459-slip marina, a full-service restaurant, retail store and other resort amenities. AFG first purchased what became known as Charleston Harbor Resort & Marina in 2002.
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