NAPLES, FL— Naples Real Estate Development Group— an affiliate of Minneapolis, MN-based Real Estate Development Group— has purchased, at auction, the Hotel Escalante here for a price of $12.6 million. Irvine, CA-based Sperry Van Ness, in tandem with Fisher Auction Co. of Pompano Beach, FL, represented the seller and was responsible for mounting the auction of the lodging complex located at the corner of Third Street and Fifth Avenue South, some two blocks from gulf beaches. It was reported indications of interest in the property were received from more than 33 states and five foreign countries. The final sale price of the hotel was said to have represented $183,000 average per unit as a hotel and $485,000 per unit for land acquisition. Evoking an image of Old World Mediterranean styling, the Hotel Escalante features plantation-style décor and furnishings, tropical gardens and landscape fountains, a garden swimming pool with Jacuzzi, day spa, fitness room, wet sauna and steam room. Eventually, it was suggested the buyer could redevelop the property and replace it with exclusive residential condominiums.
