Sundial Beach & Golf Resort on Sanibel Purchased

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The Brown Team

 RICK BROWN: (239) 322-2313
BRENDA BOOTH-BROWN: (239) 287-8834
www.TheBrownRealtyGroup.com

An affiliate of Newton, Pa.-based CoreStates Capital Advisors LLC has purchased the Sundial Beach & Golf Resort on Sanibel for $2.3 million from The Blackstone Group, according to CoreStates and Lee County court records. CoreStates plans a multi-million-dollar refurbishment of the 407-unit condominium resort and “extensive renovations to the resort are scheduled to begin as soon as possible,” a CoreStates release today states. CoreStates did not disclose the selling price but the July 17 sale is listed for $2.3 million on the Lee County Clerk of Court website. The enhancement of the resort, which lies on 2,000 linear feet of Gulf-front beach, will include upgrades to the buildings’ exterior, public space, food and beverage outlets, banquet facilities, pool, fitness center, lobby and front desk areas, according to the release. Blackstone bought Sundial and nine other properties in Florida from MeriStar Hospitality Corp. in 2006 for $367 million. For full article, click on the following link. http://www.news-press.com/article/20120725/RE/120725010/1076/HOMESCAPE99

The Brown Team

 RICK BROWN: (239) 322-2313
BRENDA BOOTH-BROWN: (239) 287-8834
www.TheBrownRealtyGroup.com
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