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BUYER: First Assembly of God of Naples Florida, Inc. (principals: J. David and Rebecca Mallory and Jerry Aldridge), Naples
SELLER: Collier Athletic Club Inc.
PROPERTY: 710 Goodlette Road North, Naples
PRICE: $3.18 million
PREVIOUS PRICE: $700,000, April 1986
LAW FIRM ON DEED: Raymond J. Bowie, Attorney at Law, Naples
PLANS, DESCRIPTION: First Assembly of God of Naples Florida Inc. purchased the 17,996-square-foot Collier Athletic Club for $3.18 million. The price equated to $177 per square foot.
The First Assembly of God church recently sold its campus on Collier Boulevard to First Baptist Family Church of Marco Island for $5 million.
The two-story Collier Athletic Club occupies 3.32 acres. The club features a dining room, a bar, a kitchen and banquet facilities. Its recreational facilities include tennis courts, racquetball courts, a pool and locker rooms.
The church plans to renovate the property for its uses.
Clint Sherwood of Investment Properties Corp. represented the buyer. George Vukobratovich and James Doane Jr. of the Welsh Cos. Florida Inc. represented the seller.
The church mortgaged the property to the Church Extension Plan for $1.62 million.
Holiday House owners consider conversion
The 164-unit Holiday House hotel's future is at a crossroads.
The Sarasota entrepreneurs who recently bought it, Vincent Payne and Rodney Dessberg, feel the best use of the Venice hotel might be as a specialized assisted living facility.
But the hotel owners have put those plans on hold, at least through the next six months. They instead plan to try out a refurbished Holiday House under a fresh hotel flag.
“We are fixing it up as a hotel and talking with a national flag,” Dessberg says. “There may be some savings [from our improvements] if we decide to convert it, but a lot of money would be lost.”
The 36-year-old hotel was last renovated in 2003.
The hotel's most recent problems, prior to Payne and Dessberg's purchase, was debt. Best Southwestern Motels Inc. initially purchased the hotel in 2006 for $10 million. IberiaBank took it back in foreclosure in August. Dessberg and Payne purchased the hotel in October for $1.3 million.
The partners hope to reopen the property early next year after a small renovation to meet a national hotel chain's requirements. They plan to install an exercise room and use shuttle buses to deliver guests to area attractions.
At the same time, the owners have seen unexpectedly high demand for the hotel's meeting and event space. The facility features 16,900 square feet of banquet, restaurant and bar space.
“There's nothing else like it in the Venice area,” Dessberg says. “There are also caterers that want to use it for events. It used to be a very busy banquet hall.”
If the hotel performs well enough, Dessberg says the partners would likely put off the conversion to an assisted living facility.
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