- JW Marriott Marco Island Beach Resort is being sold by its owner Barings LLC to Sculptor Diversified Real Estate Income Trust Inc. for $835 million.
- After the deal closes, the property will be reappraised, which will mean more property tax money for the SW FL paradise city of Marco Island.
Sale of the JW Marriott Marco Island Beach Resort is going to mean big money for the Southwest Florida paradise city of Marco Island.
How much? Possibly $1 million in additional taxes to Marco Island. That’s significant for a city of about 17,000 full-time residents.
The property on Collier Boulevard hasn’t been owned by Marriott International in years, but by Barings LLC, the $481 billion asset management arm of insurer MassMutual. The company is selling the luxury hotel, along with its Hammock Bay and Rookery golf courses in Naples, to Sculptor Diversified Real Estate Income Trust Inc., for $835 million cash.
How much does the JW Marriott pay in property taxes?
The sale price is a lot more than the property’s current assessed value of $177 million and $64 million ($244 million total) for the two parcels, said Marco Island Interim City Manager Casey Lucius. Once the sale closes – on or before May 1, according to a filing with the U.S. Securities and Exchange Commission – the properties will be reappraised…