Key Club property sells for $32 million

 

Key Club property sells for $32 million

 

Date: November 7, 2012
by: Kurt Schultheis | Managing Editor

 
 

Delray Beach-based Ocean Properties Ltd. officially purchased the Longboat Key Club and Resort’s property Oct. 31, from Key Club Associates, LP for $32 million, according to the Sarasota County Clerk of Circuit.

The sales, which were for the club’s property only, were recorded in the clerk’s office Nov. 2 and were purchased under an Ocean Properties affiliate labeled LB 500 LLC and other affiliates. As of press time, no other deeds for Key Club property had been recorded; most sales are filed at the same time of a purchase.

The land purchase is for the acquisition of the club’s 410 acres from Loeb Partners Realty LLC. Purchase prices for the club’s businesses and other assets have not been disclosed.

The company’s previous local purchases include the Longboat Key Hilton Beachfront Resort for $15.2 million and Holiday Inn-Lido Key for $13.9 million in 2002; and Lido Beach Resort for $62.5 million in 2006.

The last time the Key Club property sold was April 30, 1990, when the Shannon Hotel Group purchased the Key Club’s Harbourside and Islandside golf-and-tennis facilities for $22 million and Inn on the Beach in a separate $3 million sale. As part of a longstanding agreement between the town and Arvida, the town had the first right of refusal for the purchase of the property’s golf-and-tennis facilities. The commission ultimately voted 3-4 against the purchase, clearing the way for the Shannon Group to buy the facilities.

The Shannon Group formed Key Club Associates with the New York-based Loeb Partners Realty, which contributed a third of the needed capital.

Oct. 30, Ocean Properties’ executive management team issued a press release announcing the sale and the appointment of Jeff Mayers as the new general manager of the resort.

“We are extremely pleased that the deal is now complete, and we can begin to move forward with the day-to-day operations of this beautiful resort. We are looking forward to a great season,” said Andy Berger, vice president of operations for Ocean Properties, in the news release.

Longboat Key Club and Resort spokesperson Sandra Rios said no further details regarding the purchase of the resort and its future are available at this time.

 

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