Pyramid Global Hospitality, Western & Southern Buy Naples Bay Resort for $41.25 Million
Updated
Updated · Florida Trend · Jul 20
Pyramid Global Hospitality, Western & Southern Buy Naples Bay Resort for $41.25 Million
1 articles · Updated · Florida Trend · Jul 20
Summary
$41.25 million bought Naples Bay Resort & Marina in two June 30 transactions, giving Pyramid Global Hospitality and Western & Southern Financial Group control of the Naples waterfront property.
The 16-acre asset includes 85 hotel units, a 97-slip marina, the Shoppes at Naples Bay retail center and the 450-member Naples Bay Club.
Pyramid said the resort will join its Benchmark Resorts & Hotels collection, folding the Naples property into its broader hospitality portfolio.
The deal lands as Florida real estate shows mixed signals, with luxury demand still firm in markets such as Tampa even as the state accounts for one in seven U.S. homes for sale.