The iconic JW Marriott Marco Island Beach Resort on Marco Island is being sold, and the new owners plan major renovations.
Barings LLC, the $481 billion asset management arm of insurer MassMutual is selling the luxury hotel operated by Marriott International, along with its Hammock Bay and Rookery golf courses in Naples, to Sculptor Diversified Real Estate Income Trust, Inc., for $835 million cash, according to a filing with the U.S. Securities and Exchange Commission. The Marriott did not return a request for comment by deadline.
One of the few JW Marriott properties located directly on the beach, Marco Island’s resort opened Dec. 18, 1971, as a Marco Beach Hotel and Villas. Built by the Mackle brothers and their Deltona Corporation development company, the property was sold to Marriott in 1979. It was later sold to MassMutual.
When did Marco Island’s Marriott become a JW Marriott?
On Jan. 1, 2016, after $320 million in renovations, the Marco Island Marriott officially re-branded itself as the luxury-tier JW Marriott Marco Beach Resort. The brand operates more than 100 hotels globally, with select, dedicated luxury beach resorts in key destinations including Marco Island, Los Cabos (Mexico), and Phuket (Thailand). These properties focus on direct beach access and high-end amenities…