Ceebraid's $98M-Plus Bid Wins Hotel

ISLAMORADA, FL-Ceebraid Signal has acquired the landmark Holiday Isle Beach Resorts and Marina for just shy of $98.3 million, which translates to $7.8 million an acre, or $650,662 a unit. The West Palm Beach-based developer beat out 23 other bidders, one of which made a $100-million offer for the hotly contested sale by Deerfield Beach-based Celentano Properties.

Celentano received numerous unsolicited offers over the past five years for the 12.6-acre resort, which contains nine buildings with an aggregate of 151 hotel units, 10 restaurant/retail buildings, a gas station and 57-slip deep-water marina. One of the more recent ones was for $70 million, Robert Taylor, SVP in the Miami office of CB Richard Ellis, tells GlobeSt.com. “Once Celentano committed to sell, it retained our hotels, resorts and multihousing group to secure a buyer.

“This is a famous resort for anglers from around the world, and the sale attracted international attention,” Taylor says, with more than 240 development groups requesting offering memoranda and 23 firm offers. “The company that bid $100 million was out of state, not experienced with condo hotels and distracted by other developments,” he says. “Ceebraid met early with Celentano and presented a compelling argument for its development plan based on detailed information on pricing, redevelopment rights and market conditions.”