Joint venture buys Naples Bay Resort & Marina for $41.3M 

Naples Bay Resort & Marina has changed hands as ownership shifted from the local developer who opened it in 2008 to a global hospitality company. Pyramid Global Hospitality, in a joint venture with Western & Southern Financial Group, bought the resort June 30 in back-to-back transactions totaling $41.25 million, according to Collier County recorded deeds. 

Pyramid Global Hospitality acquired the resort, which includes 85 hotel units, a 97-slip marina, the 31,000-square-foot Shoppes at Naples Bay shopping center, the 450-member Naples Bay Club and the on-site restaurants Blackbird Modern Asian and Nosh on Naples Bay. 

The 16-acre property at 1500 Fifth Ave. S. features three pools, a lazy river, a full-service spa, a 2,500-square-foot fitness center, a Topgolf Swing Suite and six tennis courts. 

Fred Pezeshkan’s company, Summit Management, paid $19 million for the property in 2003. The site previously was known as Boat Haven and included a restaurant called The’s Waterfront Cafe. 

“You know, it was bittersweet,” said Pezeshkan, who said he will turn his attention to developing Metropolitan Naples, a mixed-use luxury high-rise community at the intersection of Fifth Avenue South and Davis Boulevard. 

“Sometimes, you just have to move on,” Pezeshkan said. “We found a good home for the employees. I think Pyramid will do a great job taking the resort to a different level.” 

Pezeshkan wrote a letter to Naples Bay Club members informing them of the sale. 

“This was not a decision we made lightly,” he wrote. “Naples Bay Club has been far more than a business to me — it has been a passion, a source of great pride and an important part of my life. Over the past two decades, I have had the privilege of watching our club grow into a vibrant community, but what has meant the most to me are the relationships, conversations, celebrations and friendships that have been built here along the way… 

“I am confident that under Pyramid’s leadership, Naples Bay Club will continue to flourish, enhance its facilities and services, and further establish itself as one of the premier private clubs in Naples. I look forward to seeing each and every one of you around the club in the days, months and years ahead.” 

The resort’s 108 cottages and 30 condominium units will retain their individual ownership, but the property will be managed by Pyramid Global Hospitality, which announced June 18 that it would expand its Southwest Florida presence by managing South Seas resort on Captiva Island. 

Hunter Advisors, a Miami-based hospitality real estate brokerage, handled the Naples Bay Resort sale following about six months of work. 

Robert “Bobby” Taylor, executive vice president of Hunter Advisors, and Sophia Pittaluga, senior vice president based in Coral Gables, brokered the deal. 

“It was a very quiet, confidential marketing process,” Taylor said. “We didn’t blast it. We didn’t work with other brokers. Hunter Advisors worked to source the buyers without going wide with the campaign. It’s an operating business, and there are employees here. It can be very disruptive to the hotel’s operation. You don’t want to lose housekeeping or front desk staff. I think the buyer has plans for renovation of the hotel. I don’t think they’ll rebrand it. 

“There were multiple bids. Multiple offers. We just selected the strongest group.” 

Pyramid Global Hospitality, headquartered in Boston, owns and manages about 200 properties across the U.S., Europe and the Caribbean. It will incorporate Naples Bay Resort into its Benchmark Resorts & Hotels collection, which includes properties in Bermuda; Cape Cod, Massachusetts; College Station, Texas; and Palm Coast. 

“Naples Bay Resort & Marina is a great example of a property benefiting from committed associates and a tailored operational approach,” said Warren Fields, CEO of Pyramid Global Hospitality. “Independent properties succeed when they can maintain a clear sense of identity while leveraging sophisticated operational and commercial expertise. We look forward to building on Naples Bay’s existing foundation and unique market position as a special resort destination.” 

Pittaluga has worked in hospitality real estate for 15 years in multiple roles, including for lenders, buyers and now as a broker. With Sculptor Real Estate and Trinity Investments completing their acquisition of the JW Marriott Marco Island Beach Resort in a record-setting $835 million deal that closed in May, along with the Naples Bay Resort & Marina sale, she said it’s clear who wants to invest — and can afford to invest — in the Naples area. 

“It’s a great market,” Pittaluga said. “The migration to Naples from the Midwest and California continues to allow the greater markets to discover Naples. Major players and institutional capital want to be in Naples. They’re going to do really cool renovations at both properties. We’re encouraged to see what continues to come in Naples as the right investors come in.” 

Taylor said the price of Naples real estate limits the buyer pool primarily to large investment groups. 

“I just think Southwest Florida is growing,” Taylor said. “The Naples area specifically, there are huge barriers to entry. I think [Naples Beach Club, A Four Seasons Resort] coming online is generating a lot of recognition — and well-deserved recognition — about how nice Naples is with all the amenities. 

“I think of Naples almost like Aspen. Where movie stars or personalities are looking for a place to go in Aspen, it’s the titans of business who come to Naples or Palm Beach. Now there's a big conference hotel like the Four Seasons, it’s kind of like The Breakers in Palm Beach. That makes having a hotel in that area a very desirable long-term investment.”