A JW Marriott Resort Sells for $835 Million
Photo Caption: An outdoor pool at JW Marriott Marco Island Beach Resort on Marco Island, Florida.
Skift Take
Sculptor is buying the JW Marriott Marco Island resort for $835 million, while the Goodtime Hotel faces foreclosure. Plus, more hotel deal and development news.
The DJIA rose 631 points, while the Nasdaq was up 299, the S&P 500 rose 75 points, and the 10-year treasury yield was down .06 to 4.33%. Lodging stocks were higher. INN was the big gainer, up 5% on the day.
The JW Marriott Marco Island Beach Resort on Marco Island, Florida, is being sold, and the new owners are planning major renovations. Barings LLC, the asset management arm of insurer Mass Mutual, is selling the luxury hotel operated by Marriott International, along with its Hammock Bay and Rookery golf courses in Naples, to Sculptor Diversified Real Estate Income Trust, Inc., for $835 million, according to a filing with the U.S. Securities and Exchange Commission.
Hilton Scottsdale Resort & Villas has completed a $24 million renovation, concluding a multi-phase project that updated accommodations and amenities across the property. The final phase included completing all 45 two-bedroom
