A $3 million renovation to the Inn at Pelican Bay and its conversion into a hotel condominium is complete.
Hotel rooms are still being rented out daily, but now it’s by individual unit owners instead of one company.
“The public will never know the difference (with the conversion),” said Stephen Robison, senior vice president of Gates McVey, the company that purchased the North Naples hotel and is selling the units. “It’s a better hotel than it has ever been.”
The 100 rooms have been refurbished, with new bedding, high-definition televisions, mini-refrigerators, microwaves and sofa sleepers among the improvements.
The old lobby was gutted to make way for the renovated one with new furnishings. A new bar and front desk have been added, as well as a new breakfast buffet and business center.
New furniture and carpeting have been placed in common areas.
GM Hospitality, a Gates McVey limited liability company, already sold half of the units since beginning sales two weeks ago. They range in price from $190,000 to $325,000.
Three different floor plans are available ranging in size from 365 to 433 square feet, most with a private balcony overlooking the adjacent lake.
Some owners are choosing not to spend any time in their rooms, instead buying the units as income-generators.
Unit owners split the room rentals with the management company.
Other unit owners are choosing a plan in which they can stay in their room part of the year and lease it out for the remainder.
Guest Services Inc. is providing the property management services for the Inn. The company manages numerous luxury properties nationwide, such as Marbella, Cap Ferrat and Club St. Raphael.
Robison believes the location of the inn — near the beach, Waterside Shops, the Philharmonic Center and the planned new Mercato — is a big selling point to unit owners and those looking to stay in a hotel.
The Mercato is proposed to be a 600,000-square-foot, mixed-use project with its own main street.
“Being across the street from a shopping facility like that is going to be something very special. It’s very, very high-end,” Robison said. “Some of highest-end retail stores in the country are represented there.”
Many major destination hotels throughout the country are being converted to condominium hotels.
“I think we are one of the few that are focusing on the small boutique properties that have a special charm and location that some of the big guys don’t have,” Robison said.
He added that they plan the same type of conversion with the Staybridge Suites near The Promenade in Bonita Springs, which Gates McVey has owned since January.
A condo conversion is also planned for the Doubletree Guest Suites Hotel in North Naples. Gates McVey plans a joint venture with the hotel owner to convert that into a condominium hotel.
“We plan to subject the properties to the conversion process. We also haven’t made a final commitment (to do that),” he said.