Tampa-based KDG Capital administration afresh bankrupt on an $18.3-million accord to acquirement the Hammock Beach Resort from owners Lubert-Adler. The accord includes assorted affairs of assets on the Hammock Beach Resort property.
PALM COAST — One of Flagler County’s better resort backdrop has a new owner.
Tampa-based KDG Capital afresh bankrupt on an $18.3-million accord to acquirement the Hammock Beach Resort from owners Lubert-Adler. The auction was initially appear by Flagler County Realtor Toby Tobin and includes assorted affairs of assets on the resort property.
Tobin said Monday he is not afraid by the sale.
“It’s basically been for auction for years,” he said. “(Lubert-Adler) capital to bankrupt themselves of absolute acreage investments in the breadth for some time.”
Tobin said the auction includes resort amenities, including two ballrooms, the lobby, café and restaurants, but does not accommodate residential units endemic by individuals on the acreage or genitalia of the resort operation that are endemic by added clandestine parties.
The resort will be managed by Texas-based Aimbridge Accommodation and the Troon Group will booty over operation of the two golf courses at the resort.
In a December account release, Aimbridge admiral said the Flagler County acreage will be an important allotment of the company’s business.
“The Hammock Beach Resort is a allusive accession to Ambridge Hospitality’s growing resort portfolio,” Ambridge CEO Dave Johnson said in the release. “The acreage redefines the resort experience, accouterment to every traveler, from families on vacation to short-star business travelers.”
Tobin said he understands the new owners appetite to advancement some of the absolute amenities and move advanced with a plan to body a 198-unit beachfront resort to alter the accepted building, accepted as the Lodge. That estimated $72.5-million action drew boundless absorption back it was appear in 2015 but it has been adjourned because of a abridgement of financing.
“From what they’ve told the Hammock Beach Club members, they are action to alpha advance the restaurant,” Tobin said. “My compassionate is they plan to go advanced with the affairs for the new facility.”
Tobin said the auction could accept a absolute appulse on the bounded economy.
“It’s consistently acceptable to see a accommodation ability upgraded,” he said. “And if the Lodge goes forward, that’s a big affair for our breadth and that agency added assemblage business for the area.”
Hega van Eckert, controlling administrator at the Flagler County Department of Bread-and-butter Opportunity, said the auction could be a agitator for added bread-and-butter action in the area.
“Any time there is new money that comes into a community, there’s a abundant befalling there,” she said. “Capital advance that will appear as a aftereffect of the new aggregation advancing in will accommodate new opportunities.”
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