American Financial Group (AFG) said Monday that a subsidiary has reached agreements to sell the hotel and related assets and the marina comprising Charleston Harbor Resort & Marina in South Carolina.
American Financial said it expects to recognize a net, after-tax gain of about $100 million, or $1.20 per share on the sale. Other terms of the sale were not disclosed.
The agreements include a 60-day due diligence period, during which they can be terminated by the purchaser in its sole discretion, American Financial said.
If the deals are not terminated during the due diligence period, the transaction is expected to close in Q2 or Q3, the company said.
Price: 130.04, Change: +2.27, Percent Change: +1.78
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