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Charlotte-Lee-Collier
Business Observer Friday, Jun. 2, 2017 3 years ago

Timeshare firm buying up Crystal Shores

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Marriott Vacations Worldwide Corp., an Orlando-based company that operates timeshares affiliated with Marriott International Inc. brands nationwide, has been consolidating ownership of the Crystal Shores resort on Marco Island, Collier County property records indicate.
by: Kevin McQuaid Commercial Real Estate Editor

Marriott Vacations Worldwide Corp., an Orlando-based company that operates timeshares affiliated with Marriott International Inc. brands nationwide, has been consolidating ownership of the Crystal Shores resort on Marco Island, Collier County property records indicate.

Late last month, the company's Marriott Ownership Resorts Inc. spent $33.3 million to acquire three dozen residential units in the four-towered resort, along with two commercial units. The entity bought the units from a partnership controlled by Rudy Sahay, a New York investor with 54 Madison Partners.

Neither Marriott Vacations officials or Sahay returned telephone calls for comment on the transaction.

The deal comes as Marriott Vacations has been working to consolidate its ownership of the resort, at 600 S. Collier Blvd. Since March, the company has acquired, either through fee simple or deed-in-lieu of foreclosure sales, some 50 units.

Marriott Vacations has been involved with Crystal Shores since July 2006, when it spent $58 million to acquire it from Boykin Lodging Co., of Ohio, county property records show.

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