Icona Resorts buys the Golden Inn in Avalon, N.J.

The Golden Inn in Avalon, N.J., was sold to Icona Resorts.

The 155-room hotel was assessed at nearly $16 million, and includes restaurants, a beach bar and pool. Icona Resorts plans to renovate the entire hotel, including the guestrooms and amenities.

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Icona is owned by Eustace Mita, a beachfront developer in Cape May County who built the luxury condominium complex The Grand at Diamond Beach in 2009.