Sandyberg LLC buys, remaking Cape Paradise Resort

BUYER: Dolphin Key Resort LLC (principal: Magdalena Dyberg), Cape Coral

SELLER: Man Del Inn LLC

PROPERTY: 1416, 1502, 1519 and 1529 Miramar St., Cape Coral

PRICE: $2.43 million

PREVIOUS PRICE: $8.12 million, December 2005

TITLE FIRM ON DEED: Title Junction LLC, Fort Myers

PLANS, DESCRIPTION: Sandyberg LLC, a real estate investment firm led by Magdalena Dyberg and Stuart Gallager, purchased the 100-room Cape Paradise Resort for $2.43 million.

The price equated to $24,250 per unit.

The acquisition included the hotel and banquet facilities, an outdoor swimming pool, a tiki bar, and a non-operating restaurant.

“It looked like a fixer-upper,” says Dyberg. “The location was good, but it just hadn't been taken care of. The tiki bar was already a good business, but we saw that [the entire property] could certainly be improved. The hotel was mostly being leased out to extended-stay guests. We're planning to turn it into an actual resort.”

The new owners plan to rename the property the Dolphin Key Resort and undertake a complete renovation. The partners plan to refurbish the interior of the hotel rooms, and open a seafood restaurant and a piano bar.

Jason P. Tramonte Architect Inc. of Cape Coral will design the renovations.