Ocean Properties Ltd. closes on Lido's Sandcastle Hotel

BUYER: Lido Sand LLC (principals: Mark, Michael and William Walsh and Richard Ade), Delray Beach
SELLER: Sandcastle Hotel Inc.
PROPERTY: 1540 Benjamin Franklin Drive, Sarasota
PRICE: $27.4 million
LAW FIRM ON DEED: Richard Critchfield, Delray Beach

PLANS, DESCRIPTION: Delray Beach-based Ocean Properties Ltd. purchased the 177-room Helmsley Sandcastle Hotel on Lido Beach for $27.4 million.

The price equated to $154,802 unit.

Built in stages in 1953, 1957 and 1967, the 152,546-square-foot resort occupies a 6.13-acre waterfront site. The property will operate under a new name, the Sandcastle Resort at Lido Beach. The community features two heated swimming pools, a business center, dining room and lounge, shuffleboard and volleyball courts and meeting/banquet facilities.

Ocean Properties is one of the largest privately held hotel operating and development groups in North America its owns more than 100 hotels and 17,000 guestrooms. Its portfolio includes several Gulf Coast properties, including the Resort at Longboat Key Club, Hilton in Longboat Key Courtyard Bradenton Sarasota/Riverfront, the Edgewater Beach Hotel in Naples and the Sandpearl Resort on Clearwater Beach.