MYRTLE BEACH, SC The city of Myrtle Beach is weeks away from selling bonds for a proposed $36 million hotel at the Myrtle Beach Convention Center. Potential bond buyers will visit the site this week and bonds could be issued later in the month, City Manager Tom Leath said.
The new 400-room hotel, which Radisson Plaza will operate, will hopefully attract the crowds and revenue needed to help the city expand the convention center.
The city wants to issue $63 million in bonds, including $40.3 million in Series 2001A uninsured bonds, and $22.7 million in Series 2001B insured bonds. Money the hotel generates will pay for the bonds and about $5 million will be held in reserve as protection for investors.
Leath said construction could begin in June and the hotel could open by February 2003. (5/17/01)
SOURCE: The Sun News, Myrtle Beach, SC