HRP Myrtle Beach $25 million park sale approved

By Caroline Salls

Pittsburgh, Feb. 17 - HRP Myrtle Beach Holdings, LLC received court approval of the $25 million sale of substantially all of the assets of its Myrtle Beach, S.C., Hard Rock Park to FPI MB Entertainment LLC, according to an FPI news release.

The sale is expected to close by 5 p.m. ET on Feb. 19.

FPI said it has committed to reopen the park.

Members of FPI MBE group include Freestyle Park International, a division of MT Development of Moscow; Roundbox Advisors; Baker Leisure Group; and a group of Myrtle Beach, S.C.-area investors.

Specific FPI MBE investors responsible for purchasing the park are Roundbox Advisors; Freestyle Park International; Baker Leisure Group; Thomas M. Hiles of Wilmington, N.C.; and D. Tim Duncan of Myrtle Beach, S.C.

The company said Hiles and Duncan were two of the founding members of the original Hard Rock Park, and Duncan served on the board of directors of the park.

Baker Leisure Group has been hired to manage operations of the park. The park is tentatively scheduled to open Memorial Day weekend.

HRP is the Myrtle Beach, S.C.-based parent of Hard Rock Park. The company filed for bankruptcy on Sept. 24 in the U.S. Bankruptcy Court for the District of Delaware, and its Chapter 7 case number is 08-12193.

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