Naples Beach Hotel property sold after months of delay
Watch: Beach Club golf pros discuss history as golf course closes after 75 years
Larry Gantzer, Dan Bracy & George Willard, 3 of 5 Chief Golf Professionals, discuss the history of the Naples Beach Hotel & Golf Club when it closed.
Greg Hardwig, Naples Daily News
The iconic Naples Beach Hotel property has been sold, paving the way for a multi-million dollar redevelopment project.
The closure took place Thursday evening, despite a legal challenge.
Athens Group and MSD Partners LP, who have joined together to redevelop the 125-acre property, confirmed their purchase in a statement.
Kim Richards, President and CEO of The Athens Group, described the acquisition as historic and “an important next step in realizing our vision for this very special place after years of work and planning.”
He did not address the legal challenge, which delayed the sale for months, and has yet to be resolved.
In case you missed it: Longtime owners are shifting gears in legal fight over Naples Beach Hotel’s future
More like this: In the Know: Hotel Developer Buckeyes Tied to $ 27 Million Purchase of Neptune Inn on Fort Myers Beach
The redevelopment plans include up to 185 luxury residences and a 216-room Four Seasons resort on Gulf Shore Boulevard, steps from the Gulf of Mexico.
âOur team is thrilled to develop this world class project for the community, our guests and our residents,â said Richards.
MSD Partners, an investment advisory firm linked to Michael Dell, founder and CEO of Dell Technologies, provided the funding and will play an active role in the redevelopment project as it progresses.
The price paid for the property was not disclosed.
Previously: Sale of Naples Beach Hotel property blocked by legal challenge
Athens and MSD have also confirmed that they have signed a long-term agreement with Four Seasons Hotels and Resorts, an international luxury operator, to manage their development, known as the Naples Beach Club.
âWe are delighted to partner with The Athens Group in the development of this extraordinary property, and we are delighted to partner again with Four Seasons,â said Barry Sholem, Partner and President of Real Estate for MSD Partners.
MSD Partners already owns the Four Seasons Resort Maui in Wailea and the Four Seasons Resort Hualalai in Hawaii. Its other properties include the Fairmont Miramar in Santa Monica, California, and the Boca Raton Resort on Florida’s east coast.
âWe look forward to bringing our vision from this iconic new resort community to one of South Florida’s most treasured beaches,â Sholem said of the Naples redevelopment project.
Together, MSD Capital and MSD Partners manage more than $ 22 billion in assets, with real estate investments of nearly $ 8 billion.
MSD Partners recently purchased the Hamilton Harbor Yacht Club in Naples.
The purchase price of the club was not disclosed by buyers or sellers. A recorded act, however, shows it sold for $ 16.625 million.
Following: Developer chooses five-star resort to operate Naples Beach Club Hotel
The Naples Beach Club project will mark the debut of Four Seasons on Florida’s Gulf Coast.
“We are proud to be a partner in this exceptional project, bringing the vision of MSD and Athens to life by setting a new standard of luxury in Naples and bringing the personalized service and quality excellence of our brand to this beloved seaside community, âsaid John Davison, president and CEO of Four Seasons, in a statement.
Naples Beach Hotel & Golf Club a local presence for 75 years
The vendors, the Watkins family, owned and operated the Naples Beach Hotel & Golf Club on the property for 75 years, over three generations.
After searching for a buyer, the family announced in March 2018 that they had chosen The Athens Group for a strategic partnership, as it offered a redevelopment plan that they believed would protect their legacy, while ensuring that their prized property remained. a crown jewel in Naples.
Naples City Council has approved the $ 250 million plan to redevelop the hotel property in 2019.
In a statement, former owner Michael Watkins said his family looks forward to future development “continuing our 75-year tradition of hospitality in the Neapolitan community”.
The Naples Beach Hotel – opened in 1946 – closed on May 23, with the long-awaited sale expected to take place within a week.
Then came a last-minute legal challenge from a neighborhood resident, Gregory Myers, which led buyers to delay the closing, out of caution.
Myers, who lives on Gulf Shore Boulevard, filed a May 27 lawsuit at Collier Circuit Court alleging that his private property rights were violated. Based on publicly recorded dishes and easements, he says he has an interest in the land and should have more power to determine what will happen to it.
Myers filed for lis pendens with his lawsuit.
The lis pendens – a formal notice of legal action – clouded the title, further complicating the sale.
Previously: Naples resident delaying sale of Naples Beach Hotel is no stranger to legal battles
Myers, who is representing himself in the lawsuit, declined media interviews on his case. However, he expressed his concerns about the redevelopment project at city meetings, including changes to the championship golf course and its view of the Gulf of Mexico. He’s asking for a jury trial.
Buyers and sellers of the property continue to fight the lawsuit, arguing it has no merit – so there’s no need for a jury trial.