LONGBOAT KEY, FL-After 40 years of accolades as a premier hospitality property along the Gulf Coast, the Colony Beach & Tennis Resort will suspend operations after this weekend. Owners blame conflict with the condominium unit owner’s association.

The Colony was opened in 1969 by Murray Klauber, an orthodontist and entrepreneur from Buffalo, NY. The resort has attracted millions of guests over the decades, including presidents and elite athletes, and won numerous honors both locally and from international industry groups.

Katherine Moulton, the Colony’s general manager and Klauber’s daughter, blames the shutdown on the condo association board’s “failure to meet their fiduciary obligations.” She adds that the suspension will be temporary until a mutual agreement to continue operations is reached between the resort and the condo owner’s association.

“This is a very difficult decision my father and I have been forced to make,” Moulton stated in a release. “We were optimistic that the association would have been more prescient about the possible ramifications to the operations as a whole if they decided to continue neglecting their fiscal obligations.”

Effective Monday, the Colony’s 234 villas suites, beach houses and specialty suites will close until further notice. Its full-time hotel staff of more than 80 will be placed on indefinite furlough until the resort can reopen.