Naples' Edgewater Beach Hotel, a Former Waldorf Astoria, Managed by Ocean Properties Sells for $55M
June Fletcher | Naples Daily News, Fla. | December 27, 2013 10:26am
Dec. 24--NAPLES -- The Edgewater Beach Hotel in Naples has sold for $55 million.
Public records show Panthers RPN LLC, whose address is care of Blackstone Real Estate Associates in New York, sold the hotel Nov. 26 to Naples Edgewater LLC, based in Delray Beach.
The registered agent of Naples Edgewater is Richard H. Critchfield of Delray Beach. None of the four managers of the company is based in Naples, state records show.
A beachfront fixture since 1984, the hotel has 125 one- and two-bedroom suites and two pools.
It last sold for $38 million in 1998.
Formerly part of Hilton Worldwide's Waldorf Astoria brand, the hotel is now part of the portfolio of Ocean Properties Ltd., a management and development company with more than 100 hotels and 17,000 guest rooms.
Its properties are spread from Maine to Arizona.
Thirty-eight of its properties are in Florida, operating under national brands including Marriott, Courtyard by Marriott, Hilton, Country Inn, Hampton Inn, Sheraton and Residence Inn.
Ocean Properties has offices in Delray Beach and Portsmouth, N.H.
Representatives of the hotel and the new owners weren't immediately available for comment.
The sale leaves only one Naples hotel with the Waldorf Astoria brand -- the hotel on Seagate Drive formerly known as The Registry and The Naples Grande. That 474-room hotel sold for $140.5 million in October to Northwood Investors, a privately held New York real estate investment firm.