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American Financial Group, Inc. (NYSE: AFG) announced March 31, 2025, 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, a resort property and marina located in Charleston, South Carolina.

In addition to customary representations, warranties and closing conditions, each agreement includes a 60-day due diligence period during which time the unidentified purchaser, in its sole discretion, can terminate the agreements.

If the agreements aren’t 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 expects to recognize a net, after-tax gain of approximately $100 million ($1.20 per share) 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 waterfront resort.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio.

Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses.

Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.