Luxury hotelier invests $5M to fend off competitors

Targeting luxury customers — particularly in an ultra high-end town — requires a stay-ahead-of-the pack mindset. It can be costly, too.

  • By Jay Schlichter
  • | 6:00 a.m. November 29, 2019
  • | 0 Free Articles Remaining!
Phil McCabe recently invested $5 million to renovate his downtown Naples hotel, The Inn on Fifth, in the hopes of enticing discerning clientele.
Phil McCabe recently invested $5 million to renovate his downtown Naples hotel, The Inn on Fifth, in the hopes of enticing discerning clientele.
  • Commercial Real Estate
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Twenty-three years ago, Phil McCabe had a vision. 

The Vietnam veteran, ex-CIA agent and former Maine businessman took a risk by purchasing the land where an old bank building sat for $1 million in what was then a struggling commercial district on Fifth Avenue South in downtown Naples. His dream? Turn the property into a bustling, luxurious hotel.

 

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