A developer paid $7 million for a hotel in Fort Myers Beach

A developer paid $7 million for a hotel in Fort Myers Beach

Carousel Beach Inn in the south of Fort Myers Beach was recently purchased by Dublin Real Estate Investment Group, a developer from Chicago, which is planning to create a luxurious 12-unit residential project called Gulfside Twelve here.

The construction of the condominium project is already underway on the neighboring land plot. The small 27-room inn built in 1964 was the last missing element.

Upon construction completion, each of the 12 residences with an area of at least 370 square meters will feature four bedrooms, a spacious balcony, and a multifunctional room that can be adjusted to various purposes. A resort-style swimming pool surrounded by cabanas, a grill area, and a 55-meter-long beach will be available on the premises.

Three units in the off-plan project are already reserved. The remaining ones are sold at a price of $3.9 million.

In the aftermath of Hurricane Ian, many houses, enterprises, and hotels in Fort Myers Beach were destroyed. The recovery process has already begun but the chances are that wealthy investors will have an upper hand. They are now purchasing the bankrupted properties or those beyond repair to turn them into high-yield assets.

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