Of the price, the Ireland Cos. plans to spend more than $50 million on renovations at the resort, Thomas K. Ireland, who heads the Ireland Cos. and the resort's original developer, tells GlobeSt.com. The renovations are scheduled to take approximately 18 months, starting this September and finishing by the last quarter of 2005.
The property, built in 1982, is being renamed the Wyndham Resort & Golden Door Spa at Weston and the hotel's 496 rooms will be converted into 252 luxury, two-bedroom condominiums. As part of the upgrades, the company plans to rebuild the existing spa facility into a 48,000-sf Golden Door spa, which would be Wyndham's biggest spa and the first Golden Door spa on the East Coast.
Other plans include renovating the main hotel building, which consists of the lobbies, ballrooms, meeting facilities and restaurants, Ireland says. This is to include furniture, fixtures, ceilings, flooring and wall coverings. Each of the resort's nine four-story buildings are to be redone. "We will completely renovate" the buildings, says Ireland, with "all new fixtures. We will redo the exterior, the roofs, the air conditioning." Each building will feature 28 units.
The Ireland Cos. and Wyndham International also plan to enter into a long-term agreement whereby Wyndham would manage the resort.
The fully furnished residences will be offered for sale, and unit holders will have the option to participate in Wyndham's rental program. The units, which total 869 sf and 1,291 sf, are priced between $324,000 and $465,000.
Ireland says the project was attractive to the company because it knows the project so well. "When we first discovered that Wyndham wanted to sell it, we felt it was a very good opportunity to do a major renovation … (and) put it in better condition than it has ever been," he says.The Ireland Cos., a real estate and development company founded in 1960, has developed retail, commercial and other projects in 11 states totaling $3 billion. Its jobs have included master developer of the Broward County Convention Center and about 10 shopping centers in that county.
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