Business
American Financial Group, Inc. Announces Agreements to Sell Charleston Harbor Resort & Marina
CINCINNATI, March 31, 2025--American Financial Group, Inc. (NYSE: AFG) announced today that a wholly-owned subsidiary of AFG has reached agreements ("Agreements") to sell the hotel and related assets and the marina comprising Charleston Harbor Resort & Marina ("Charleston Harbor"), a premier resort property and marina located in Charleston, South Carolina. In addition to customary representations, warranties and closing conditions, each Agreement includes a sixty-day due diligence period during
About this update from American Financial Group, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":251,"url":"https://media.zenfs.com/en/business-wire.com/1d88229617e215c8b8d0d3134eecc84d"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/PWRqKiumNhQIytrlP0t05w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUwMjtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/1d88229617e215c8b8d0d3134eecc84d","width":480,"height":251}},"lazy":false},{"type":"text","content":"CINCINNATI, March 31, 2025--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) announced today that a wholly-owned subsidiary of AFG has reached agreements ("Agreements") to sell the hotel and related assets and the marina comprising Charleston Harbor Resort & Marina ("Charleston Harbor"), a premier resort property and marina located in Charleston, South Carolina. 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 $100 million ($1.20 per share) on the sale.","length":946,"tagName":"p"},{"type":"text","content":"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.","length":350,"tagName":"p"},{"type":"text","content":"About American Financial Group, Inc.","length":36,"tagName":"p"},{"type":"text","content":"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, Gre...