American Financial Group to sell Charleston Harbor Resort & Marina

American Financial Group (AFG) announced that a wholly-owned subsidiary of AFG has reached agreements to sell the hotel and related assets and the marina comprising Charleston Harbor Resort & Marina. 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. If the agreements are not terminated during the due diligence period, upon the satisfaction of the other conditions to closing, the transaction is expected to close in the second or third quarter of 2025. AFG currently expects to recognize a net, after-tax gain of approximately $100M 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 and has made significant improvements since that time, including construction of The Beach Club, a luxury waterfront resort.