The Resort at Singer Island in Southern Florida has had a change of management. Previously operated by Starwood Hotels and Resorts, the Resort has recently been sold to Urgo Hotels for $7.1 million and will now be officially operated by Marriott.
The Resort also had a name-change and will now be known as Palm Beach Marriott Singer Island Beach Resort and Spa. It is reported that many of the condos in the tower were sold 78 percent under opening day prices in a bulk sale recently. The luxury tower is made up of 66 private condos, 239 hotel suites, a restaurant, and a spa and it is located on six beautiful acres of beachfront property facing the Atlantic Ocean.
Perhaps this news isn’t so surprising considering the fact that over a year ago, WCI Communities, a luxury home builder and the owner of the hotel, filed for Chapter 11 bankruptcy protection. As it emerged from Chapter 11 in September, 2009, it was clear that there was new management. The hotel rebounded as a newly reorganized private company after eliminating more than $2 billion in debt and liabilities. It’s reported that Urgo Hotels paid $4 million for four three-bedroom condos, $2.1 million for 14 hotel rooms, and an additional $1 million for the hotel operating agreement, the spa, the restaurant, and the communal areas of the property.
Via: Luxist
