SANDESTIN RESORT TRADED FOR $30 MILLION

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DESTIN, FLA. — Sandestin Investments has purchased the Sandestin Gulf and Beach Resort from Intrawest, which announced the tentative purchase agreement in February, for $30 million. The 2,400-acre property is located in Destin. The resort, which encompasses 1,500 units, features more than 7 miles of beaches, 15 tennis courses, 19 pools, 65,000 square feet of meeting space and a 98-slip marina. Coral Gables, Fla.-based American Real Estate Capital secured the acquisition loan.

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