Sanibel Island resort sold

SANIBEL ISLAND — An affiliate of CoreStates Capital Advisors LLC has purchased Sundial Beach & Golf Resort on Sanibel Island. Terms of the deal were not disclosed.

According to Lee County Clerk of Court records, the CoreStates Capital Advisors affiliate, Sanibel Sundial Partners LLC, purchased 1451 Middle Gulf Drive and two additional lots on Middle Gulf Drive in Sanibel for $2.3 million, or $5,651 per unit. Records show an affiliate of Blackstone Real Estate Acquisitions V LLC last purchased the resort for $7 million in October 1998. That sale included multiple parcels.

The resort sits on eight-and-a-half acres on Sanibel Island, off the coast of Fort Myers. Its 407 units range from studios to three-bedroom condominiums.

The new owners of the condominium resort have planned multimillion-dollar renovations. According to a release, those include upgrades to its exterior, public space, banquet facilities, food and beverage facilities, pool, fitness center, lobby and front desk areas.

CoreStates has hired CAM Hospitality Advisors & Management to manage the Gulf-front resort. The new owners are also working with John Naumann, one of the original partners at Sundial, to ensure a smooth transition, a release explains.

CoreStates Capital Advisors LLC is an investment company based in Newtown, Pa.

This story has been updated to reflect new information on the property's transaction history.