CBRE Hotels arranges sale of remote Florida resort

Miami /
Feb.February 05, 2017 02:00 PM

Broker CBRE Hotels arranged the sale of a 196-room resort north of Tampa called Plantation on Crystal River despite its small size and remote location.

CBRE Hotels’ Paul Weimer said in a prepared statement that the seller completed a successful renovation of the resort, and returned it to profitability, but marketing the property “was somewhat challenging due to the size of the resort and the tertiary location.”

Nevertheless, CBRE Hotels attracted multiple offers for the resort, including the winning offer from “a private buyer who was able to close a relatively complex transaction,” the hospitality arm of CBRE said in a press release. The brokerage firm did not disclose the sale price.

Weimer represented the seller of Plantation at Crystal River together with CBRE Hotels’ Christian Charre, Natalie Castillo and Drew Noecker. The buyer’s representatives were Scout Plantation Owner, LLC, and Hilda Allen of Hilda Allen Real Estate.

The resort, which opened in 1962, is located a one-hour drive north of Tampa on the banks of the Three Sisters Springs in Kings Bay, the sole location in North America where visitors can legally swim among endangered West Indian manatees.

The 232-acre property features a dive shop, an Aveda spa, four food and beverage outlets, a 27-hole golf course, 2,100 linear feet of waterfront, and nearly 33,000 square feet of indoor and outdoor meeting space.


Related Articles

arrow_forward_ios
Developer Jeffrey Soffer and the JW Turnberry resort at 19999 West Country Club Drive in Aventura (Getty, TripAdvisor)
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Iconic NYC eatery Rao’s to open at Loews Miami Beach
G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
Blackstone sells five South Florida budget hotels for $61M
Blackstone sells five South Florida budget hotels for $61M
Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue (James L. Knight Center) (LinkedIn, Gencom, Arquitectonica)
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
NR Investments' Ron Gottesmann and Nir Shoshani (top) and a rendering of  the development in Allapattah (NR Investments, DPZ CoDesign)
NR Investments wants to build mixed-use complex in Miami’s Allapattah
NR Investments wants to build mixed-use complex in Miami’s Allapattah
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, Banyan Cay, Illustration by The Real Deal with Getty)
Developers of troubled West Palm resort project facing $61M foreclosure
Developers of troubled West Palm resort project facing $61M foreclosure
Jamestown CEO Matt Bronfman and the 727 Collins Apartments at 727 Collins Avenue in Miami Beach (Getty, Google Maps, Jamestown)
Former low-income South Beach apartments hit market as possible hotel conversion
Former low-income South Beach apartments hit market as possible hotel conversion
From left: Witkoff’s Steve Witkoff and Monroe Capital’s Theodore Koenig with the Shore Club
Witkoff, Monroe sued over alleged “crooked and secretive land grab” of Shore Club in South Beach
Witkoff, Monroe sued over alleged “crooked and secretive land grab” of Shore Club in South Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...