MARCO ISLAND, FLA. — A joint venture between an affiliate of Sculptor Real Estate and Miami-based hospitality firm Trinity Investments has purchased the JW Marriott Marco Island Beach Resort, an 809-room hotel in southwest Florida. The seller, MassMutual, owned the hotel resort for the past four decades.
The sales price was not disclosed, but two industry outlets, Hotel Dive and Daily Lodging Report, report that as of a month ago, the joint venture had agreed to pay $835 million for the property. That figure translates to more than $1,000 per room. In addition, CoStar Group reports that the purchase is being financed with a $690 million acquisition loan.
Situated on more than 26 acres with a quarter-mile of private beachfront, the JW Marriott Marco Island offers a variety of suites as part of its accommodations. According to another industry publication, Hotel Management, the hotel first opened in 1971 as the Marco Island Beach Hotel & Villas and was converted to a Marriott brand following a $320 million renovation in 2017.
Today, guests at the hotel can enjoy amenities such as meeting and event facilities, multiple dining and entertainment venues and a private membership club. In addition, patrons of the hotel have access to more than 400 acres of additional golf and resort activities and features. The new ownership plans to make capital improvements to the property, specifics of which were not disclosed.
“The JW Marriott Marco Island is a once-in-a-generation opportunity to acquire one of the most iconic resorts in the United States,” says Sean Hehir, managing partner, president and CEO of Trinity Investments. “With its scale and diversified demand generators, the resort has consistently demonstrated strong performance across market cycles. We see significant opportunity to further enhance the guest experience while creating long-term value for our investors.”
- Taylor Williams