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BUYER: Dolphin Key Resort LLC (principal: Magdalena Dyberg), Cape Coral
SELLER: Man Del Inn LLC
PROPERTY: 1416, 1502, 1519 and 1529 Miramar St., Cape Coral
PRICE: $2.43 million
PREVIOUS PRICE: $8.12 million, December 2005
TITLE FIRM ON DEED: Title Junction LLC, Fort Myers
PLANS, DESCRIPTION: Sandyberg LLC, a real estate investment firm led by Magdalena Dyberg and Stuart Gallager, purchased the 100-room Cape Paradise Resort for $2.43 million.
The price equated to $24,250 per unit.
The acquisition included the hotel and banquet facilities, an outdoor swimming pool, a tiki bar, and a non-operating restaurant.
“It looked like a fixer-upper,” says Dyberg. “The location was good, but it just hadn't been taken care of. The tiki bar was already a good business, but we saw that [the entire property] could certainly be improved. The hotel was mostly being leased out to extended-stay guests. We're planning to turn it into an actual resort.”
The new owners plan to rename the property the Dolphin Key Resort and undertake a complete renovation. The partners plan to refurbish the interior of the hotel rooms, and open a seafood restaurant and a piano bar.
Jason P. Tramonte Architect Inc. of Cape Coral will design the renovations.
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