Sculptor Diversified Real Estate Income Trust, Inc. has agreed to purchase a South Florida resort hotel for $835 million. The site, which includes JW Marriott Marco Island Beach Resort and Hammock Bay and Rookery golf courses, was sold by entities Marco Hotel LLC and HB Naples Golf Owner LLC, according to a February 27 filing with the U.S. Securities and Exchange Commission.
The property, in Marco Island and Naples, Florida, hosts three buildings, including the Islands Tower, the Palms Tower and Lanai Tower. The first two were built in the late 1900s and renovated in 2016. Lanai Tower, on the other hand, is a newer infrastructure, first debuting in 2019.
In total, the site features 809 keys, two 18-hole golf courses and 10 acres of beachfront land.
Also, Sculptor Diversified is planning to implement further renovations to the amenities, including updates to the guest rooms, golf courses, as well as the spa and pool.
With the deal still subject to customary closing adjustments and proations, Sculptor Diversified plans to fund the deal with third-party financing and through an offering. According to the filing, Sculptor Diversified received $22.30 million in gross proceeds combined from Class E and Class AA share issuances.
The transaction is slated to close by May 1, at the latest.
The move comes after the REIT's parent company, Sculptor Capital Management, raised $4.6 billion through the close of its fifth real estate fund in December.
Another major Florida hotel purchase was made this month by Stephen Ross' real estate firm, Related Ross, which paid $172.5 million for a site in West Palm Beach. Nomura provided an acquisition loan for the hotel known as The Ben, Autograph Collection.
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