Palm Beach investor pays $10.5 million for Naples 7-Eleven

Naples/Fort Myers/Charlotte 

Hotel happening: Baywood Hotels has bought 2.61 acres in Bonita Springs. The property is at 23400 Walden Center Dr. at the corner of Tamiami Trail and Coconut Road. It is across from Coconut Point mall. The Columbia, Maryland, company paid $3 million for the site. LQ Commercial Real Estate Services, which represented the seller and announced the deal, says Baywood plans to build a hotel on the site. The seller was a Sturtevant, Wisconsin-based LLC named HH Estero Investments. It paid $2 million for the property in 2018. As for the suburban Washington D.C. hotel company, it owns and operates over $800 million in assets, according to its website, and operates properties under the Marriott, Hilton and InterContinental Hotels Group flags. Baywood has not yet disclosed its concept for the Bonita Springs hotel but is expected to break ground next year. Bob Pekol, a senior associate at LQ, represented HH Estero. 

Image courtesy of LQ Commercial Real Estate