American Financial Group (NYSE:AFG) revealed today that one of its wholly-owned subsidiaries has entered into agreements to divest the hotel, related assets, and marina that makeup Charleston Harbor Resort & Marina, a top-tier resort property located in Charleston, South Carolina.
The transaction, which remains subject to customary conditions and a sixty-day due diligence period, is poised to bring AFG an estimated net, after-tax gain of $100 million, or $1.20 per share, if completed.
The agreements allow the prospective buyers to terminate the deal at their discretion during the due diligence window.
Should the agreements proceed without termination, and all other closing conditions are met, the sale is anticipated to finalize in the second or third quarter of 2025.
Charleston Harbor Resort & Marina is a prominent destination featuring two full-service hotels, a 459-slip marina, a full-service restaurant, a retail store, and various resort amenities.
AFG originally acquired the property in 2002 and has since invested heavily in its development, including the addition of The Beach Club, a luxury waterfront resort that has elevated the property’s status as a premier leisure spot.