Maryland boutique hotel operator buys Marco Island Lakeside Inn

BUYER: Coastal Marco Island LLC (principal: Bradley Callahan), Glen Burnie, Md.

SELLER: Marco Island Lakeside Inn LLC

PROPERTY: 151-155 First Ave., Marco Island

PRICE: $1.3 million

PREVIOUS PRICE: $1.43 million, October 2003

PLANS, DESCRIPTION: Maryland boutique-hotel company Beachtree Properties purchased the 19-unit Marco Island Lakeside Inn for $1.3 million.

The price equated to $68,421 per unit.

George Joosten, resort operations manager for Beachtree Properties says the company was partially attracted to the 9,239-square-foot property because of its small size.

“There are very few properties on Marco Island that are small; most of them are big hotels and timeshares,” he says. “We run small hotel operations around the country. We have been looking at the property for a while now.”

The new ownership plans to improve the hotel's operations, paint its interior and exterior and upgrade its in-room electronics. Later, Beachtree Properties expects to upgrade the kitchens in all of the rooms.

The more than 50-year-old hotel also features a restaurant, heated pool and tiki hut and lakeside lounge.

Beachtree Properties operates the South Palm Suites in Lake Worth and hotels in California, Hawaii, Maryland, Massachusetts and New Jersey.