Besides the main building, the proposed sale package includes the recently completed 107-room Boutique Inn and the management contract on 60 adjoining condominiums.
The asking price for the total 349 rooms is $95 million or $272,206 per room, brokerage sources familiar with the deal tell GlobeSt.com on condition of anonymity.
Officials at Liberty Mutual and Jones Lang LaSalle did not respond to requests from GlobeSt.com to confirm details of the proposed sale.
The real estate is assessed well below the property's market value. The Lee County Property Appraiser's office last listed Liberty Sanibel II Ltd., a holding of LRE Properties Inc., as the property owner and assessed the main building at $16.7 million.
Built on an 80-acre site, the resort contains 78,000-sf of meeting space, a 19-slip marina, 5,500-seat tennis stadium and eight clay tennis courts.
Operated as an independently branded hotel, the resort is cited consistently as one of the top resort destinations by national tavel industry publications.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
