Hoffmann acquires Hamilton Harbor Yacht Club in Naples

Naples billionaire David Hoffmann’s company bought one luxury asset from Collier Enterprises in 2021, while billionaire Michael Dell’s company purchased another the same year.

Five years later, Hoffmann owns both.

Hoffmann Family of Companies announced Oct. 23 that it had purchased Hamilton Harbor Yacht Club, which Collier Enterprises developed in 2008 before selling it for $16.62 million to MSD Partners, a Dell-owned company, in 2021. That same year, Hoffmann purchased Old Collier Golf Club from Collier Enterprises for $45.3 million, public records show.

The price of the yacht club transaction was not disclosed because of confidentiality agreements.

Hamilton Harbor is located at 7065 Hamilton Ave. in Naples, near the southern end of Bayshore Drive and Thomasson Drive.

Greg Hoffmann, CEO of Hoffmann Family of Companies’ real estate division, called it a “true gem of Naples.”

Overlooking Rookery Bay, the yacht club has grown to accommodate up to 325 vessels. The facilities are built to withstand winds of up to 150 mph, according to Hoffmann’s news release. There also are 25 floating wet slips with dockside pump-out service, shore power and private dock boxes.

“We were working directly with the Collier family,” Greg Hoffmann said of 2021. “We decided back then that we didn’t want to take on too many consumer-facing assets like that at once. We chose Old Collier at that point in time, which has been phenomenal to be involved with. We got that under our belt. Coming back to Hamilton Harbor gave us another opportunity.”

The opportunity arose through a friendship between two billionaires.

Byron Trott has a net worth of $5 billion and ranks No. 856 on Forbes’ real-time billionaires list as of Oct. 26. He spent 27 years at Goldman Sachs, then started BDT Capital, a merchant bank that provides advice and capital to other billionaires, according to Forbes.

BDT merged with MSD Partners in January 2023, forming BDT & MSD Partners.

“We’ve got a great relationship with BDT Capital,” Greg Hoffmann said. “They’re partners with MSD, which is Michael Dell’s group. And they’re partners on the Hamilton Harbor property. Byron and my father David were talking, and Hamilton Harbor came up in conversation. He said if it ever came available, to let us know. And it did. It was incredibly seamless.”

The yacht club’s opening in 2008 was less seamless, said Patrick Utter, senior vice president of Collier Enterprises, who oversaw its development and original sale.

“It was a tough time,” Utter said of the Great Recession. “We were fortunate we had patient owners. But when you start a project that takes two years to build — in 2006, everything seemed great. But by the time we opened, it was probably the very bottom of the market.”

The Great Recession disrupted the yacht club’s business model for a few years, Utter recalled.

“At the time, we were expecting to sell memberships,” he said. “And we did sell like 20, I think. But then everything came to a complete halt. We ended up leasing and renting slips. That was the only way to make it work. We switched to a leasing program, and we did that for four or five years. We transitioned out of that slowly as the market came back.”

Hamilton Harbor now falls under the umbrella of Hoffmann Marine, one of Hoffmann’s more than 120 corporate entities.

“Like all Hoffmann Marine properties, Hamilton Harbor Yacht Club is committed to delivering a first-class, welcoming experience while upholding the exceptional quality and service synonymous with the Hoffmann name,” Jenny Gezella, CEO of Hoffmann Marine, said in a news release. “The club’s experienced team takes pride in providing personalized attention and outstanding service to every member.”

David Hoffmann, founder and chair of Hoffmann Family of Companies, expressed enthusiasm, as well.

“We take the stewardship of everything we acquire seriously,” David Hoffmann said. “Hamilton Harbor is no exception, and we’re honored to take up the reins of this cherished, legacy club.”

Utter said Collier Enterprises had no regrets about selling the golf course and yacht club in 2021.

“It was a decision that the Collier family made,” Utter said. “They felt the clubs were mature. It was a decision to let somebody else run the clubs. They felt like it was a good time to sell both.”