Garrison Investment Group buys Naples Courtyard by Marriott

BUYER: Garrison Naples Hotel PropCo LLC (managers: Brian Chase and Robert Feeney), New York City
SELLER: OpRock Naples Fee LLC
PROPERTY: 3250 Ninth St. N., Naples
PRICE: $12.3 million
PREVIOUS PRICE: $17.91 million, August 2007
LAW FIRM ON DEED: Gunster Yoakley & Stewart PA, Miami

PLANS, DESCRIPTION:
New York City-based Garrison Investment Group purchased the 102-unit Courtyard by Marriott in Naples for $12.3 million.

The price equated to $120,588 per unit.

The four-story hotel features 98 rooms and four suites. Amenities include a fitness center, outdoor swimming pool with a whirlpool and 782-square-foot meeting room.

The Naples hotel was recently renovated and features a redesigned lobby and hotel rooms.

The seller, a partnership of San Francisco, Calif.-based Rockwood Capital and Mark Walsh of Delray Beach, purchased the hotel near the top of the market in 2007 just prior to the real estate collapse and recession. Another Rockwood Capital affiliated company, OpRock Coral Springs Fee LLC, recently sold an 110-unit Courtyard by Marriott in Coral Springs to Garrison Investment Group for $7 million.

Garrison Investment Group had not replied to a request for comment as of deadline.