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Real Estate - Commercial

For $16.8M, Investors Buy Popular Carolina Beach Destination

By Cece Nunn, posted Mar 29, 2022
The property in Carolina Beach that includes Golden Sands hotel and the Ocean Grill and Tiki Bar has new owners. (Photo courtesy of The Focus Properties)
New owners have come ashore at Golden Sands, with plans to renovate the hotel.

A group of partners purchased the popular Carolina Beach destination, which includes the 112-room Golden Sands hotel and the Ocean Grill and Tiki Bar at 1211 South Lake Park Blvd., for $16.8 million.

The partners in the buying entity, Golden Sands Resort LLC, are Jim Wallace, Doug Foster and The Focus Properties, a real estate investment, development and management company out of Raleigh.

Wallace, who along with being a real estate investor is founder and CEO of Wilmington-based Intracoastal Realty Corp., said he and one of the hotel's previous owners, Jim Pope, have been friends for more than 20 years. So when Pope told Wallace he wanted to sell the property and retire, Wallace decided it would be a good investment.

In addition to the hotel, which dates back to the 1980s, and the restaurant, the property includes a pier and two swimming pools.

"It’s got a wonderful brand, wonderful reputation in the community, and we’re just going to continue to enhance the great culture Jim Pope already implemented there," Wallace said.

The new owners are planning a major renovation project that is expected to start in the coming winter, said Anthony Carey, director of operations for The Focus Properties. 

"We’re really excited about reimagining the guest rooms and the common space of the property. We’re going to build off of what Jim Pope did for the past 41 years and really move it forward with a just unbelievable renovation," Carey said. "We’re excited to see what we can do."

The owners of the Ocean Grill and Tiki Bar, Abbie and Dave Sinclair, will continue to lease their establishment's space from Golden Sands Resort LLC. 

"They’ve done a great job with wonderful service and great quality and as soon as the sun is out the tiki bar is filled," Carey said. "It’s definitely a happening place on Carolina Beach for locals and for visitors."

The new owners have also retained the 25-member staff of Golden Sands.

Carey's company, which is now the operator of Golden Sands, owns two other hotel properties and has one under development, respectively – The Siena Hotel in Chapel Hill, a Mariott Autograph Collection hotel; Fairfield Inn & Suites Raleigh-Durham Airport/RTP; and the Springhill Suites by Marriott, Fort Meyers/Sanibel Island, Florida.

Carey said his firm spent $5 million to renovate the 79-room Siena Hotel. The renovation project for Golden Sands is in the design phase as the new owners look to provide modern conveniences in guest rooms, activate the hotel's outdoor space and make its meeting space attractive for weddings and other events. 

"What’s there has got great bones," Wallace said. "We just want to take it to another level."
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