LBK Club eyes joint venture

LONGBOAT KEY — Delray Beach-based Ocean Properties Ltd., owner of the Longboat Key Hilton Beachfront Resort, announced Tuesday it's formulating a joint venture with the Longboat Key Club and Resort and Loeb Partners Realty LLC for all of the resort's assets.

'¨'¨If the joint-venture partnership is consummated after an unspecified due diligence period, Ocean Properties would become an equity partner in Key Club Associates LP, the entity that owns the Longboat Key Club. '¨'¨

Ocean Properties Vice President Andy Berger, Loeb Partners Realty Vice President Adam Tegge and Longboat Key Club and Resort General Manager Michael Welly met with the Business Review Tuesday afternoon to announce the pending joint venture, which club officials are touting as the next step in a $400 million expansion and renovation plan that received town approval in June 2010. '¨'¨