An affiliate of Northwood Investors, New York City, has purchased from an affiliate of the Blackstone Group the 474-room Waldorf Astoria Naples and the 18-hole Naples Grande Golf Course in Naples, Florida, for an undisclosed sum. Northwood also extended its management agreement with Hilton Worldwide for the asset to retain its Waldorf Astoria brand affiliation.
Originally known as the Registry Resort, Blackstone acquired the property as part of its 2004 acquisition of Wayne Huizenga’s Boca Resorts Inc.
“We like the market dynamics,” Jonathan Wang, managing director for Northwood Investors, told HOTELS on Monday. “With the long-term favorable supply-demand quotient and the projected population growth in the area, opportunities like this don’t come along too often to add an asset like this. We are focused on buying great real estate and we have the ability to hold for long periods. We are looking to add value in the long term and grow with the Naples market.”
Wang added that Northwood is working through the details of a focused renovation for the guestrooms and corridors, as well as a new F&B experience. “We think we can add value through the targeted renovation and by re-integrating the asset more into the community through the F&B and spa offerings,” Wang said.
Northwood has been focusing on drive-to resort segment and this deal fits its strategy, according to Wang, who said the auction was competitive but limited due to the big pricetag on the large asset.
“We were fortunate to attract significant interest from investors around the world, including some of the top REITs, institutional investors, sovereign wealth funds, and brands,” said Max Comess, a director with HFF, the broker representing the seller. “The allure for investors was both the irreplaceable nature of the resort and its strong growth in both top and bottom line performance that continues to accelerate.”