Lido lodging will stay a hotel — Helmsley SANDCASTLE IS SOLD: Some had feared loss of rooms with sale of Helmsley haunt
By JOSH SALMAN
$27.4 million dollars. At one point, that money may have gone to Mrs. Helmsley’s dog, but today it goes to the charitable trust. The Sandcastle has been sold.
LIDO KEY – One of the last remaining beachfront hotels operating in Sarasota will remain a lodging, easing months of fear from tourism officials.
Ocean Properties Ltd., which operates a handful of resorts in Southwest Florida including the Longboat Key Club, said Wednesday it has acquired the Helmsley Sandcastle Hotel.
The Delray Beach-based hotelier also has has given the property a new name: the Sandcastle Resort at Lido Beach.
The $4 billion charitable trust that had owned the hotel hired a commercial brokerage in early December to list the property, part of a plan to shed millions of dollars in real estate holdings nationwide.
The Helmsley Sandcastle is one of the oldest beachfront hotels in Southwest Florida. The 50-year-old property, with 600 feet of private beach, is adjacent to the Ritz-Carlton Sarasota’s Beach Club, at 1540 Benjamin Franklin Drive.
Built in 1953, the 177-room hotel was long owned by New York billionaires Harry and Leona Helmsley.
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