Longboat Key Club & Resort sold

Longboat Key Club & Resort sold

LBK club – pic via herald tribune archive

By Justine Griffin
Published: Tuesday, October 16, 2012 at 8:32 p.m.

LONGBOAT KEY – The Longboat Key Club & Resort, one of the most important tourism properties in Southwest Florida and host to U.S. presidents and thousands of visitors annually, has been acquired by a hotel operator with significant local holdings.

Ocean Properties Ltd.’s purchase of the 400-acre resort for an undisclosed sum, announced late Tuesday, could also break a legal logjam and jump-start a roughly $400 million redevelopment of the beachfront property, which contains golf courses, tennis courts and a private marina.

The purchase is to close by the end of this month, officials said. The timing of the redevelopment is uncertain, however, because it has been fought by neighbors who contend it will cause traffic congestion and other problems.

“We look forward to being part of the Longboat Key Club & Resort and this community,” Andy Berger, Ocean Properties’ vice president of operations, said in a statement.

Longboat Key Club & Resort is an amazing place and an excellent complement to our family of properties,” Berger added.

Ocean Properties also owns the 222-room Lido Beach Resort, which it bought in 2006, and the 135-room Holiday Inn Lido Beach, acquired three years later.

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Filed under Commericial Real Estate Articles & News, Investment Real Estate

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