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Marriott buying Marco Radisson for condos
The 233-room Radisson Suite Beach Resort on Marco Island has a new owner — Marriott Vacation Club International is buying it for $58 million.
Boykin Lodging Co., a real estate investment trust that trades on the New York Stock Exchange as BOY, announced that the sale is to close June 30.
Marriott Vacation Club, based in Orlando, markets timeshare rentals around the world.
The Radisson’s future has been the subject of some heated Marco Island debates this year, when Boykin attorneys requested permission for future purchasers to convert the resort to condo units and build taller than the 150 feet that city rules allow.
The Radisson is on South Collier Boulevard in a neighborhood zoned residential tourist and is 125 feet tall.
While Marco Island planners are willing to offer some incentives, current rules state that if Marriott tears down the Radisson, it could rebuild 120 condos in a 100-foot-tall building.
Proposed incentives would allow Marriott to build 120 condos in a 150-foot-tall building as long as Marriott retains half of Radisson’s existing hotel rooms.
Prior to completion of the sales agreement, Boykin senior vice president Russ G. Valentine dismissed that scenario, saying it would require that a new buyer build to 200 feet to accommodate the 116 hotel rooms and 120 condo units called for in city incentives.
Marco Island Planning Board members held their ground.
At the time, Valentine said he doubted any developer would move forward with the plan if the city didn’t make some concessions.
Tuesday, Boykin attorney Clay Brooker, of Cheffy Passidomo Wilson and Johnson, said he was instructed by Boykin not to comment on the project.
Unless Marco Island City Council members reverse the planning board’s decision, Marriott will either be keeping the structure as is or will be limited to erecting a 100-foot-tall condo-minium with 120 units.
Boykin officials wouldn’t confirm that Marriott is the purchaser, but Marco Community Development Director Vince Cautero did so.
Cautero said Wednesday that he has had several preliminary meetings with Marriott Vacation Club officials, but no definite plan has emerged.
While neither Radisson nor Marriott are mentioned by name, the incentives and concessions in the city’s residential-tourist neighborhood are the subject of a 4 p.m. Monday workshop with the Marco Island City Council and Planning Board members.
It would be taken up again as first reading of a city ordinance at the council’s regular meeting at 6 p.m. Monday. The ordinance addresses adjusted height, density and standards in the residential tourist zone, City Clerk Laura Litzan said Wednesday.
Boykin’s agreement with Marriott could extend the closing to July 30 and is subject to analysis by Marriott attorneys.
Valentine and Marriott officials couldn’t be reached to comment
Tada.
Marriott buying Marco Radisson for condos
The 233-room Radisson Suite Beach Resort on Marco Island has a new owner — Marriott Vacation Club International is buying it for $58 million.
Boykin Lodging Co., a real estate investment trust that trades on the New York Stock Exchange as BOY, announced that the sale is to close June 30.
Marriott Vacation Club, based in Orlando, markets timeshare rentals around the world.
The Radisson’s future has been the subject of some heated Marco Island debates this year, when Boykin attorneys requested permission for future purchasers to convert the resort to condo units and build taller than the 150 feet that city rules allow.
The Radisson is on South Collier Boulevard in a neighborhood zoned residential tourist and is 125 feet tall.
While Marco Island planners are willing to offer some incentives, current rules state that if Marriott tears down the Radisson, it could rebuild 120 condos in a 100-foot-tall building.
Proposed incentives would allow Marriott to build 120 condos in a 150-foot-tall building as long as Marriott retains half of Radisson’s existing hotel rooms.
Prior to completion of the sales agreement, Boykin senior vice president Russ G. Valentine dismissed that scenario, saying it would require that a new buyer build to 200 feet to accommodate the 116 hotel rooms and 120 condo units called for in city incentives.
Marco Island Planning Board members held their ground.
At the time, Valentine said he doubted any developer would move forward with the plan if the city didn’t make some concessions.
Tuesday, Boykin attorney Clay Brooker, of Cheffy Passidomo Wilson and Johnson, said he was instructed by Boykin not to comment on the project.
Unless Marco Island City Council members reverse the planning board’s decision, Marriott will either be keeping the structure as is or will be limited to erecting a 100-foot-tall condo-minium with 120 units.
Boykin officials wouldn’t confirm that Marriott is the purchaser, but Marco Community Development Director Vince Cautero did so.
Cautero said Wednesday that he has had several preliminary meetings with Marriott Vacation Club officials, but no definite plan has emerged.
While neither Radisson nor Marriott are mentioned by name, the incentives and concessions in the city’s residential-tourist neighborhood are the subject of a 4 p.m. Monday workshop with the Marco Island City Council and Planning Board members.
It would be taken up again as first reading of a city ordinance at the council’s regular meeting at 6 p.m. Monday. The ordinance addresses adjusted height, density and standards in the residential tourist zone, City Clerk Laura Litzan said Wednesday.
Boykin’s agreement with Marriott could extend the closing to July 30 and is subject to analysis by Marriott attorneys.
Valentine and Marriott officials couldn’t be reached to comment
Tada.
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