Ocean Properties Acquires Hotel In Old Naples For $24.5M

The Hotel located at 955 Seventh Ave. S in Old Naples has been sold for $24,451,850. The property, with 58 keys, was purchased by Ocean Properties from Olde Naples Grand Hotel Inc, represented by Thomas Longe. The transaction was facilitated by brokers Sophia Pittaluga and Robert Taylor from Hunter Hotel Advisors.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $24,451,850
• Address: 955 Seventh Ave. S, Old Naples
• Market: Old Naples
• Buyer: Ocean Properties
• Seller: Olde Naples Grand Hotel Inc - Thomas Longe
• Brokers: Sophia Pittaluga & Robert Taylor - Hunter Hotel Advisors
• Keys: 58
• Price Per Key (PPK): $421,584

The sale of this hotel marks a significant transaction in the Old Naples market. The involvement of Ocean Properties as the buyer and Olde Naples Grand Hotel Inc as the seller, along with the expertise of brokers Sophia Pittaluga and Robert Taylor from Hunter Hotel Advisors, demonstrates the industry's confidence in the potential of the property.