Timbers Company, Wheelock Street Capital and The Ronto Group have jointly acquired South Seas Island Resort on Florida's Gulf Coast.
"At Timbers Company, we are actively looking for exceptional properties like South Seas Island Resort to diversify our offerings and expand our footprint,” said Timbers CEO Greg Spencer. “For more than two decades, we have been successfully developing, selling and operating master-planned resorts around the world and are delighted to add this iconic coastal Florida property to our collection of diverse destinations. Securing a coastal Florida resort location was one of our primary goals when we relocated to Florida from Colorado and we are pleased to be working with such distinguished partners as Wheelock Street Capital and The Ronto Group. We plan to elevate the guest experience with expanded services and amenities while working on future plans to reimagine and restore the famed South Seas Island Resort to its original grandeur."
Following the recent announcement of a strategic partnership with Timbers Company, private investment firm Wheelock Street Capital will provide the capital for this transaction. The Ronto Group, based in Naples, Fla., will be partnering with Timbers for the development of the property.
The acquisition of South Seas Island Resort highlights Wheelock's continued focus on high-end resort and residential development projects. South Seas Island Resort adds to Wheelock's growing collection of leisure-driven hotel assets, which includes Chateau Elan Winery and Resort located outside of Atlanta; the 265-key all-suite, AAA Four Diamond Hotel Contessa, an independent hotel located on the Riverwalk in San Antonio; and the 167-key Perry Lane Hotel, a Luxury Collection hotel located in Savannah, Ga.
Timbers has extensive experience with master-planned resort communities, including properties such as Castello di Casole in Tuscany, Italy, The Preserve at Botany Bay in the U.S. Virgin Islands and Hokuala Resort in Kauai, Hawaii.
The South Seas Island Resort on Captiva Island covers 2.5 miles of Florida beachfront. The 330-acre resort and wildlife preserve and estuary was foudned in 1946. Occupying approximately one-third of the northern tip of the six-mile-long Captiva Island, the property has 434 accommodations including hotel guestrooms and suites, one- to three-bedroom condominiums and private homes and cottage rentals, all with balconies or lanais.