In Brief: American Financial Group, Inc. has completed the sale of Charleston Harbor Resort & Marina, signaling a continued trend of asset divestment by institutional investors in the hospitality real estate market.
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Image Credit Charleston Harbor Resort & Marina
American Financial Group, Inc. (NYSE: AFG) announced today that it has completed the previously announced sale of Charleston Harbor Resort & Marina. Consistent with prior estimates, AFG expects to recognize approximately $125 million in pretax core operating earnings ($1.20 per share after tax) from the sale, subject to final cost accounting and customary closing adjustments.
The property was owned equally by AFG parent and its Great American Insurance Company subsidiary, with the gain on the sale to be reported as net investment income and split equally between the two entities.