Ocean Properties buys Longboat Key Club

BUYER: LB 500 LLC (principals: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: Key Club Associates Limited Partnership
PROPERTY: 3000 Harbourside Drive, Longboat Key
PRICE: $14.78 million
PREVIOUS PRICE: $11 million, April 1990

BUYER: LB 500 LLC (principals: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: Key Club Associates Limited Partnership
PROPERTY: 301 Gulf of Mexico Drive, Longboat Key
PRICE: $6.75 million
PREVIOUS PRICE: $11 million, April 1990

BUYER: LB 500 LLC (principals: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: LFL Marina LLC
PROPERTY: 2800 Harbourside Drive, and additional land all also known as Moorings Marina, parcel P, Bay Isles, unit 6, pier A, Plat of Longboat Key Moorings Marina II condominium and parcels A, B and C, Longboat Key Moorings Marina, Longboat Key
PRICE: $3.78 million
PREVIOUS PRICE: $8 million, December 2007

BUYER: LB 500 LLC (principals: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: Key Club Associates Limited Partnership
PROPERTY: 220 Sands Point Road, unit 500, Longboat Key
PRICE: $2.45 million

BUYER: LB Slip LLC (principals: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: LFL Marina LLC
PROPERTY: various units, Longboat Key Moorings Marina, Longboat Key
PRICE: $1.5 million

BUYER: LBK Club Holding LLC (principals: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: Sailboat Square LLC
PROPERTY: unit 2, Sailboat Square condominium, Longboat Key
PRICE: $1.34 million

BUYER: LB 500 LLC (principals: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: Key Club Associates Limited Partnership
PROPERTY: parcel C-1, Tract 2, Longboat Key Club, unit 4, Longboat Key
PRICE: $646,100

BUYER: LB 500 LLC (principals: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: Key Club Associates Limited Partnership
PROPERTY: units 5107 and 5205, Inn on the Beach condominium, Longboat Key
PRICE: $518,000

BUYER: LB 500 LLC (principals: Mark, Michael and Patrick Walsh and Richard Ade), Delray Beach
SELLER: Key Club Associates Limited Partnership
PROPERTY: REC-1, tract 2, Longboat Key Club, unit 4, Longboat Key
PRICE: $200,000

LAW FIRM ON DEED: Federman Steifman LLP, New York City

PLANS, DESCRIPTION: Delray Beach-based Ocean Properties Ltd. has completed its purchase of the Longboat Key Club and Resort, with its land and buildings selling for $31.99 million.

The club's 410 acres was acquired from Loeb Partners Realty LLC. Purchase prices for the club's business operations and other assets have not been disclosed.

Ocean Properties Ltd. previously purchased a number of local properties, including the Longboat Key Hilton Beachfront Resort for $15.2 million and Holiday Inn-Lido Key for $13.9 million in 2002. In 2006, Ocean Properties purchased Lido Beach Resort for $62.5 million.

The last time the Key Club property sold was April 30, 1990, when the Shannon Hotel Group purchased the Key Club's Harbourside and Islandside golf and tennis facilities for $22 million and Inn on the Beach in a separate $3 million sale.

Ocean Properties has appointed Jeff Mayers as the new general manager of the resort, which previously planned a $400 million redevelopment. After a legal battle, the resort will need to resubmit its redevelopment plans for town approval.

“We are extremely pleased that the deal is now complete, and we can begin to move forward with the day-to-day operations of this beautiful resort. We are looking forward to a great season,” says Andy Berger, vice president of operations for Ocean Properties, in a news release.

Longboat Key Club and Resort spokeswoman Sandra Rios declined to offer further details regarding the purchase of the resort and its future.

Ocean Properties Ltd. is a private hotel and resort management company that owns more than 100 hotels with roughly 17,000 rooms.

— additional reporting by Kurt Schultheis, correspondent