CBRE Hotels announced that it has arranged the sale of the Plantation on Crystal River, a 196-room resort located one hour north of Tampa on the Nature Coast of Florida and the Gulf of Mexico.
CBRE Hotels’ Paul Weimer, Christian Charre, Natalie Castillo and Drew Noecker represented the seller, Scout Plantation Owner, LLC. The buyer was represented by Hilda Allen of Hilda Allen Real Estate.
“Plantation on Crystal River is a truly unique asset, which benefits from its exceptional location along the Crystal River, proximate to the Three Sisters Springs,” said Mr. Noecker.
“Our client successfully completed an extensive renovation and repositioning, returning the property to profitability. Marketing the property, however, was somewhat challenging due to the size of the resort and the tertiary location,” said Mr. Weimer, vice president, CBRE Hotels. “Nevertheless, we were able to attract multiple offers and to source a private buyer who was able to close a relatively complex transaction.”
Opened in 1962, the Plantation on Crystal River sits along the banks of the Three Sisters Springs in Kings Bay, the only place in North America where visitors can legally swim among the continent’s largest population of endangered West Indian Manatees. Bordering 2,100 linear feet of waterfront, the resort offers 196 guestrooms and suites, nearly 33,000 sq. ft. of indoor and outdoor meeting space, two golf courses, four food and beverage outlets, a highly successful dive shop/marina, and an Aveda spa, among other recreational amenities.
CBRE Hotels is a specialized advisory group within CBRE providing advisory, asset management, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of over 385 dedicated hospitality professionals located in 60 offices across the globe.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
