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.

The 78,428-square-foot, five-story hotel occupies a 2.88-acre parcel on the Gulf of Mexico. It features a swimming pool, restaurant and fitness center.

The seller, an affiliate of New York City-based Blackstone, has owned the property since 1998.

Ocean Properties did not return calls requesting comment on the purchase. Founded in the 1950s, the company is one of the largest privately held hotel operating and development groups in North America, operating 107 hotels with 17,936 guest rooms. It is also the largest hotel company in Florida, operating more than 30 hotels across the state.