Boykin Lodging Co., a publicly traded hotel real estate investment trust based in Cleveland, has purchased the beachfront resort for $27.25 million. The resort, located just south of Naples along the Gulf of Mexico, sold for approximately $116,952 per suite. The acquisition was funded through borrowings under Boykin Lodging's credit facility.
Boykin Lodging has retained Boykin Management Co. to manage the Radisson Suite Beach Resort.
The resort consists of 233 deluxe one- and two-bedroom suites, all with screened balconies and Gulf views. The property's amenities include a tropical courtyard, small- and large-group meeting areas, an outdoor pool and whirlpool, poolside and fine-dining restaurants, and a lounge.
"We are extremely excited to acquire this unique destination property," Robert W. Boykin, chairman and CEO of Boykin Lodging, says in a statement. "As one of only four upscale, full-service, beachfront hotels on Marco Island, the hotel enjoys the significant barriers to entry that we seek in a new acquisition.
"Furthermore, the all-suite nature of the property makes it an ideal candidate for hotel condominium conversion, and the Marco Island condominium market is exceptionally strong," Boykin adds. "We have had significant success in the sale of condominium units within the Pink Shell Beach Resort in Fort Myers Beach and believe that the Radisson could be a very attractive continuation of this strategy, through conversion or redevelopment."
Condo conversion has become a popular strategy not just there, but in many areas of South Florida.
Currently, the company owns 29 hotels with 8,430 rooms in 18 states. The hotels operate under brands such as DoubleTree, Marriott, Hilton, Radisson, Embassy Suites, Courtyard by Marriott, Holiday Inn and Hampton Inn.
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