Ocean Properties Ltd. buys Edgewater Beach Hotel for $55 million

BUYER: Naples Edgewater LLC (principals: Mark, Michael and William Walsh and Richard Ade), Delray Beach
SELLER: Panthers RPN LLC
PROPERTY: 1901 Gulf Shore Blvd. N., Naples
PRICE: $55 million
PREVIOUS PRICE: $38 million, April 1998
LAW FIRM ON DEED: Simpson Thacher & Bartlett LLP, New York City

PLANS, DESCRIPTION: Delray Beach-based Ocean Properties Ltd. & Affiliates purchased the 125-suite Edgewater Beach Hotel for $55 million.

The price equated to $440,000 per unit.