Pyramid Global Hospitality, through a joint venture with Western & Southern Financial Group, has purchased the Naples Bay Resort & Marina in Naples, Fla. Pyramid Global Hospitality will be the operating partner. The transaction was brokered by Hunter Advisors EVP Robert Taylor and SVP Sophia Pittaluga on behalf of Naples Bay Resort Investment Company. Other terms and conditions were not disclosed.
“Naples Bay Resort & Marina is a great example of a property benefiting from committed associates and a tailored operational approach,” Pyramid CEO Warren Fields said in a statement. “Independent properties succeed when they can maintain a clear sense of identity while leveraging sophisticated operational and commercial expertise. We look forward to building on Naples Bay’s existing foundation and unique market position as a special resort destination.”
Pyramid Global Hospitality will oversee the day-to-day operations of Naples Bay’s 85 guestrooms and suites and its residential-style cottages; a 97-slip full-service marina; 31,000 square feet of retail space; three food and beverage venues; nearly 15,000-square-feet of indoor and outdoor meeting and event space; and the private Naples Bay Club that has three pools, a lazy river, an adult-only swim and relaxation area, a full-service spa, a 2,500 square-foot fitness center, a TopGolf Swing Suite and a six-court tennis center.
Through its Benchmark Resorts & Hotels collection, Pyramid applies a customized approach to each property, bringing deep expertise in independent hotel operations and commercial strategy to support on-property teams, paired with the global scale and resources needed to drive performance. Owners also benefit from enterprise-level support, including Pyramid’s proprietary NEO analytics platform, integrated marketing and food and beverage and procurement strategies.
"Naples is a premier hospitality market and highly sought after from a capital markets perspective,” said Brendan McVay, acquisitions and development at Pyramid Global Hospitality. “You don’t find opportunities to buy here too often, let alone a truly special, 16-acre waterfront property on Fifth Avenue. Naples Bay Resort and Club represents an exceptional opportunity to drive long-term value for the community and our partners. We’re incredibly excited for what’s to come. It was a pleasure working with Hunter Advisors on the transaction. Bobby, Sophia, and Colin led a first-class sales process and we extend our thanks.”
Set along the waterfront in Naples, Naples Bay Resort & Marina has an elevated coastal experience on Fifth Avenue, just minutes from the Gulf of Mexico. The resort serves as a sought-after destination for locals and visitors alike, as well as a venue for weddings, groups, and events.
“What made this opportunity truly unique was the combination of scale, location, and diversified asset components,” Taylor said. “Opportunities to acquire a luxury resort, private club, marina, cottages, residences, and retail offerings within a 16-acre setting off Fifth Avenue South are extraordinarily rare. The asset’s irreplaceable location and multiple avenues for long-term value creation generated strong investor interest throughout the process.”
Naples Bay Resort & Marina presented new ownership with significant upside across several components of the asset. Upon sale, the 85 hotel units will convert to fee simple ownership, creating operational flexibility for repositioning through new management, an updated operating structure, and potential brand affiliation. Additional upside exists through the resort’s food-and-beverage offerings, including the recently added Blackbird Modern Asian, as well as the potential expansion and enhancement of Naples Bay Club.
“Naples continues to attract institutional and private capital because of its exceptional demographic profile, strong leisure demand, and long-term growth fundamentals,” Pittaluga said. “The market’s combination of affluence, limited supply growth, and year-round appeal continues to support investor confidence in high-quality hospitality assets. Naples Bay Resort & Marina is exceptionally well-positioned within a market that remains one of the most sought-after resort destinations in the country.”