Six Colony proposals remain

Colony Beach & Tennis Resort Association President Jay Yablon sent an email to unit owners June 8, stating that six out of 10 renovation-and-development proposals remain in the running for the right to revitalize the resort.

“At this time, we have shortlisted six proponents, all of whom have presented very interesting and detailed proposals,” Yablon wrote. “As you can appreciate from the annual owners meeting, the proposals vary and are complex.”

Toronto-based Horwath HTL (Hotel, Tourism and Leisure) and its principal, Joel Rosen, who is acting as a strategic consultant for long-range planning of the resort’s future, is evaluating the remaining proposals and will recommend the best proposals for consideration by the board and unit owners, Yablon explained in his email.

It’s expected that the top-three proposals will be selected some time in July.

“Once Horwath has completed its evaluation, the board will review the recommendations and have formal meetings with the finalists to try to negotiate the optimal terms and conditions which we believe will be needed to achieve a 75% owner vote,” Yablon wrote.

The Longboat Observer was unable to confirm the remaining six proposals.

The following companies have submitted proposals:
• Tennessee-based AdamsMark L.P.
• Longboat Key-based Arendee Colony (Colony Lender)
• Broomfield, Co.,-based Quintess • Naples-based Coral Hospitality
• Sarasota-based Floridays Development Co.
• Sonoma County, Calif.,-based Mayacama
• Sarasota-based MW Development & Investment Advisory
• Delray Beach-based Ocean Properties
• New York-based Starwood Capital Group
• Atlanta-based The West Paces Hotel Group

When asked to comment about the six remaining proposals, Yablon told the Longboat Observer in an email that “there are a number of finalists.”

“It would neither be in our owners’ interests nor fair to proponents to comment on who the finalists are or the number,” Yablon wrote. “We have not eliminated anybody to date.”

Contact Kurt Schultheis at [email protected].