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Development Group Places Winning $13M Bid for Naples Hotel

NAPLES, FL-Naples Real Estate Development Group, the new owner of the hotel, which has 69 hotel condominium units, may redevelop the property into residential condominiums exclusively. Per room, the sale price was about $182,608.

By Melissa Bogdany | Updated on March 22, 2004

NAPLES, FL- Naples Real Estate Development Group acquired the Hotel Escalante at auction with the winning bid of $12.6 million, or approximately $182,608 per room. Sperry Van Ness/Fisher Auction Co. auctioned the property, which consists of 69 hotel condominiums. The owner may redevelop the property to be residential condominiums exclusively.

The property is located at the corner of 3rd Street and 5th Avenue South, two blocks from gulf beaches. The old world Mediterranean villa style hotel features a garden pool with a Jacuzzi, day spa, fitness room, wet sauna and a steam room.

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