The Athens Group and Michael Dell’s Family Office Vehicle – MSD Partners Acquire Naples Beach Hotel & Golf Club For $362m
Main Photo: Naples Beach Hotel & Golf Club as is
Date: October 2021
Name: Naples Beach Hotel & Golf Club
Location: Old Naples, Florida, USA
Number of Keys: 216
Seller: The family firm that opened the hotel in 1946, and was run by Mike Watkins, grandson of the founder
Buyer: The Athens Group and MSD Partners
The Athens Group and MSD Partners, L.P. have acquired the former Naples Beach Hotel & Golf Club, set on 1,000 feet of white-sand beach in iconic Old Naples. Athens and MSD will be redeveloping the site into the Naples Beach Club, a 125-acre resort and residential beachfront development offering a one-of-a-kind, luxury lifestyle destination to residents, members, and guests.
MSD Partners was formed in 2009 by the family investment office for Michael Dell, the Founder & CEO of Dell Technologies. MSD Capital was originally established in 1998. Michael Dell and his family are substantial clients of MSD Partners. Together, MSD Capital and MSD Partners manage over $22.0 billion of assets and are currently invested in nearly $8.0 billion of real estate. In addition to Naples Beach Club, MSD’s investments include the Four Seasons Resort Maui at Wailea and the Four Seasons Resort Hualalai in Hawaii, the Fairmont Miramar in Santa Monica, The Boca Raton, significant holdings on Knox Street in Dallas, over 13,000 multifamily units and numerous developments in Austin, Texas including 601 W. 2nd Street, which will, upon completion, be the tallest office tower in Austin.
This coastal community will include a 216-room hotel managed by Four Seasons Hotels and Resorts, up to 185 luxury residences and unparalleled club amenities curated by Discovery Land Company, the developer and operator of world-renowned private residential club communities.
The Resort will include spacious guestrooms and suites with lounging porches, walk-in closets and luxurious five-fixture bathrooms. Resort amenities will include inspired indoor and outdoor lounges and restaurants flowing from the hotel lobby, a beachside garden with outdoor pools, cabanas and an event lawn, upscale retail stores, an event ballroom, and multiple dining experiences with dramatic views of the Gulf of Mexico. In addition, Market Square, located near the golf course, will be a vibrant gathering place for the Naples Beach Club community, offering a general store, a bar and grill with a game room and a bowling alley, a Kids Club, casual eateries, including an ice cream pavilion, and an expansive lawn.
“Our partnership with Four Seasons Hotels and Resorts and Discovery Land Company reinforces our commitment to develop the finest luxury resort on Florida’s Gulf Coast. Naples Beach Club will be a contemporary interpretation of the traditions, style and spirit of Old Naples,” said Kim Richards, President and Chief Executive Officer, The Athens Group.
“We are excited to partner with The Athens Group on the development of this extraordinary property, and we are thrilled to be working with Four Seasons and Discovery Land on what will be a first-time collaboration for this world-class team,” added Barry Sholem, Partner and Chairman of Real Estate, MSD Partners.
For more than 30 years, The Athens Group has been one of the USA’s developers of upscale resort communities, luxury resort and urban hotels, golf courses and related residential and recreational properties, having developed properties including Four Seasons Resort Hualalai, Ritz-Carlton Bachelor Gulch, Montage Laguna Beach and Montage Deer Valley.
Price: $362 million
Price per Key: $900,000
THPT Comment: Described as a ‘monster deal’, the $900,000-per-key price shouldn’t be all that surprising given the property’s location, on and near the beach. By comparison, Four Seasons Resort at Walt Disney World Resort in Orlando sold for $610 million, or about $1.4 million per key, earlier this year.
First Seen: Naples Beach Club press release
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