NAPLES, FLA. — A partnership between The Athens Group and MSD Partners has purchased Naples Beach Hotel & Golf Club, a 125-acre resort that fronts the Gulf of Mexico in Naples. The Watkins Family sold the beachfront resort to the partnership for an undisclosed price, but the Naples Daily News reports the price tag exceeded $362 million.
The new ownership plans to redevelop the resort into a mixed-use destination called Naples Beach Club. The development will include a 216-room hotel operated by Four Seasons Hotels and Resorts, the first Four Seasons property on the Gulf Coast.
The lodging component will include indoor and outdoor lounges connected to the lobby; a beachside garden with outdoor pools, cabanas and an event lawn; high-end stores; an event ballroom; and multiple dining experiences.
In addition, guests will have access to Market Square, which will comprise a general store; bar and grill with a game room and bowling alley; a kids club; and an activities lawn for events featuring eateries including an ice cream parlor.
Naples Beach Club will also feature 185 for-sale residential units managed by Discovery Land Co., with amenities for residents and members that include golf, tennis, fitness center, spa and clubhouse. Hart Howerton is designing the residential portion of the redevelopment, and Champalimaud Design is overseeing the interior design.
Phase I of the residential component will feature 58 beachfront residences, including four beach houses, four penthouses and 12 golf-adjacent residences. Athens and MSD have begun the pre-sale process for the residences and will begin construction next year on the redevelopment.
Naples Beach Club is scheduled to open in late 2024, according to The Athens Group.
“Our partnership with Four Seasons and Discovery Land Co. reinforces our commitment to develop the finest luxury resort on Florida’s Gulf Coast,” says Kim Richards, president and CEO of The Athens Group. “Naples Beach Club will be a contemporary interpretation of the traditions, style and spirit of Old Naples.”
The Naples Beach Hotel & Golf Club was founded in 1946, according to Mike Watkins, president of The Watkins Family. Gregory Rumpel of JLL’s Hotels & Hospitality team represented the organization in the sale and also procured the buyer.
The Athens Group is a full-service real estate development company that specializes in resorts and hotels, as well as residential communities. The private firm is based in Phoenix.
MSD Partners is an investment advisory firm with offices in New York City and Santa Monica, Calif. The company is an affiliate of MSD Capital LP, which is the family investment office for Michael Dell, the founder and CEO of Dell Technologies Inc.
MSD Partners and MSD Capital manage more than $8 billion in real estate assets, including Naples Beach Club; Four Seasons Resort Maui at Wailea and Four Seasons Resort Hualalai in Hawaii; and other properties in Texas and California.
— John Nelson