R.L.R. Investments buys Sundial Beach Resort, Spa

BUYER: RLR Investments LLC (principals: Ralph, Mary and Roby Roberts, Jeffrey Wade and Jeffrey Haungs), Wilmington, Ohio
SELLER: Sanibel Sundial Partners LLC as debtor in possession in United States Bankruptcy Court
PROPERTY: 1451 Middle Gulf Drive and vacant commercial on Middle Gulf Drive, Sanibel

PRICE: $1.7 million
PREVIOUS PRICE: $2.3 million, July 2012
LAW FIRM ON DEED: Stichter Riedel Blain & Prosser PA, Tampa

PLANS, DESCRIPTION: R.L.R. Investments LLC purchased much of the real estate of the Sundial Beach Resort and Spa for $1.7 million.

In addition, R.L.R. Investments acquired the remainder of the personal property, furniture, fixtures and more of the business for an additional $600,000, which brings the total purchase price to $2.3 million.

The beachfront Sundial Beach Resort and Spa features a mixture of 407 private- or resort-owned units with a variety of floor plans including studios and one-, two-, and three-bedroom units. The condominium homes are managed either by individual owners, the resort rental property management services, or outside vacation property management companies including Royal Shell Vacations, an affiliate of R.L.R. Investments.

Amenities include 12,000 square feet of conference and special events space with a business center, coastal observatory center, 11 tennis courts, a fitness center, swimming pool and Jacuzzi spa and volleyball and shuffleboard courts.

The resort was previously owned by the private investment group Sanibel Sundial Partners LLC, which bought it in mid-2012. Sanibel Sundial Partners started a $3 million renovation of the resort, but eventually ran into problems and, in October, it filed for bankruptcy.

R.L.R. Investments will offer the resort amenities and services and Mariner Management Services LLC will continue to manage on-site operations for the resort commons areas and amenities.

“Sundial is a premier resort on Sanibel and our affiliated company, Royal Shell Vacations, already handled a lot of business with over 130 rentals in the program,” Don DeLuca, vice president and general counsel, R.L.R. Investments, wrote in an email to the Business Observer.

R.L.R. Investments is a national real estate investment company with offices in Wilmington, Ohio, and Fort Myers.