Resort At Singer Island Sold, Rebranded
Way back in 2006 I wrote about the plans for The Resort at Singer Island, a Starwood Hotels project. Now the Florida resort will no longer be a Starwood property. The Resort at Singer Island was sold to Urgo Hotels recently for $7.1 million. A presss release states that condos in this oceanfront tower were sold 78 percent under opening day prices in a bulk sale. The operator of the 239-suite hotel was changed from Starwood to Marriott. The new name is now officially the Palm Beach Marriott Singer Island Beach Resort and Spa. The hotel is on six acres of beachfront with 300-foot frontage on the Atlantic Ocean in Palm Beach County.
WCI Communities, the owner of the property and a luxury homebuilder based in Bonita Springs, filed Chapter 11 bankruptcy protection over a year ago. It announced on September 3, 2009 that it emerged from Chapter 11 as a newly reorganized, private company, eliminating more than $2 billion in debt and liabilities. It spent $210 million to build the oceanfront Resort at Singer Island, a project that comprises 66 condo residences, 239 hotel/condos, a restaurant and a spa. Urgo Hotels paid $4 million for four three-bedroom residence condos, $2.1 million for 14 hotel/condos and $1 million for the hotel operating agreement, the spa, the restaurant and the common areas.
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