Going by this ad from the Southern Bell Yellow Pages, Capital Cabana Motor Inn was a happening sort of place in 1970. Judging from the graphic, the place was huge, and from the text, unaffiliated. Nowdays you would expect something that size to be part of a national chain, if only for reservations purposes. (In fact, Ocean Boulevard Myrtle Beach is about the only place where unaffiliated motels seem to hang on). I've got to admire going for a tropical island theme in landlocked Columbia (where even the state palm has a hard time in the winter and cool sea breezes are notably absent in the summer). Bring your BankAmericard!
Google suggests that 1901 Assembly is currently the Columbia headquarters for BB&T (though of course in today's environment they could be gone by the end of the week..). I'm not sure when the Capital Cabana was torn down, but since I can't really remember it at all, I'm going to say sometime in the 1970s.
I love the graphic for the Inn's attached restaurant The Pirates' Cove Supper Club. Today, it would set up all sorts of opportunities for quips such as I'd sure like to plunder her booty, but of course I would never stoop to anything like that.
UPDATE 2 Apr 2009: Added the seperate 1970 Yellow Page ad for The Pirates' Cove (now you can see her nose if you look closely).
UPDATE 11 July 2011: Added picture of a helicopter apparently about to land on top of the Capital Cabana from an old Chamber of Commerce promotional book.