Historic Resort Sold to Three Companies, Two of which have Florida Connections | Business Observer
CAPTIVA – South Seas Island Resort, a historic Florida tourist destination dating back to 1946, was sold to a group of businesses with predominantly local ties for an undisclosed amount.
The three companies – Timbers Co., Wheelock Street Capital and The Ronto Group – that bought the 330-acre resort come from three different, but similar worlds, and are uniquely positioned to make changes to the 75-year-old property.
Wheelock, a Boston-based private real estate investment company, provided the capital for the purchase. Timbers, a Winter Park-based resort company and Ronto, a Naples-based real estate developer, will manage and develop it.
According to a statement released by the companies, the three “plan to enhance the guest experience with extensive services and amenities while working on future plans to reinvent and restore the famous South Seas Island Resort to its original grandeur. “.
Anthony Solomon, owner of Ronto, says it’s too early to share details of upcoming changes, but says there are plans for improvements and upgrades to the property. And, he says, there will be an increase in staffing and staff training to improve the customer experience.
Salomon declined to disclose the sale price.
South Seas Island Resort occupies about a third of the northern tip of Captiva Island. The property includes hotels, condominiums and homes and sits on 2.5 miles of beaches and has a golf course, waterfront restaurants, shops, and a full-service spa among its offerings.
According to the Resort’s Story from The Sanibel Capitva Guidebook, Nebraska-born banker Clarence Chadwick established a lime plantation in 1923, purchasing the property from William Langley “Tobe” Bryan and George Washington Carter. Both men were colonists on Captiva, settling on the island in the late 1890s.
The property was sold to Chadwick two years after a devastating hurricane hit the island.
Chadwick moved to Fort Myers in 1942, leaving the property to family members who were the first to rent to people on vacation in Florida.
The property has passed through several property groups over the decades. The most recent owner was The Blackstone Group, which purchased the property in 2006, two years after another hurricane, Hurricane Charley.