Longtime Naples hotelier pays more than $20M for Four Seasons resort condo

Phil McCabe, a Vietnam veteran, ex-CIA agent and the hotelier behind the iconic Inn on Fifth in Naples, is the first person to close on a private residence at the newly reimagined Naples Beach Club.

The real estate brokerage behind the deal for the unit at the new Four Season’s branded resort did not disclose the full selling price, saying in a statement the purchase exceeded $20 million.

McCabe initially put a deposit on Jan. 31, 2021, more than a year before he sold the Inn on Fifth, and officially closed on May 5, says Gulf Coast International Properties. 

Formerly known as the Naples Beach Hotel & Golf Club, the Naples Beach Club, a Four Seasons Resort, is a 125-acre resort and residential property that includes a 216 room Four Seasons hotel, along with 153 private residences — 58 beachfront and 95 facing a golf course.

Amenities include multiple Gulf view pools, a two-level luxury spa and fitness center as well as a tennis center and boutique market called Market Square with a game room, bowling alley and private screening room. 

The resort was developed by The Athens Group. It and New York-based MSD Partners paid $362.3 million for the property in October 2021. Jay Newman, COO for the Phoenix- developer, said at the ULI Florida Summit last year that the project would exceed $1 billion.

McCabe, a prolific local entrepreneur, is probably best known as the founder and owner of the Inn on Fifth, which he sold for $156 million in 2022. 

A former Maine businessman, McCabe bought the site, once a bank, where the Inn on Fifth sits for $1 million in the mid-1990s. Over the years, the Inn, which is in the heart of Naples’ ritzy Fifth Avenue commercial district, grew and in 2013 earned AAA Four Diamond status. The prestigious designation came after McCabe oversaw a $19.7 million renovation and expansion that brought 32 club level suites to the property. Another $5 million was spent on renovations in 2019.

The 199-room hotel is made up of two buildings — the main hotel and the club level.

According to the statement from Gulf Coast International, McCabe is partnering with his sons, Philip and Joseph McCabe, to develop a 70-suite luxury hotel and private members club at 5400 Trail Boulevard, slated for completion in 2027.

GCIP's principal Tim Savage brokered the condo sale.