Longboat Observer 08.23.12

Page 1

bserver O LONGBOAT

You. Your neighbors. Your neighborhood.

free • Thursday, AUGUST 23, 2012

ELECTION

DIVERSIONS

NEWS

See how Longboat Key voted in the primary races. PAGE 7A

Pianist Dick Hyman has enjoyed a colorful career. INSIDE

Tommy Klauber trains for his first Ironman triathlon. PAGE 15A

OUR TOWN

Rachel S. O’Hara

Ciara Buff hugs her dad, Randy, after her first day of the fourth grade.

joint venture

by Kurt Schultheis | Staff Writer

General Manager Michael Welly said the club always intended to find a hotel development company to assist in its redevelopment plan.

+ School days elicit big smiles Ciarra Buff, 9, flew off the school bus with a big smile on her face Monday, Aug. 20, in front of Harry’s Corner Store, after her first day of fourth grade at Anna Maria Elementary. Ciara was met by her father, Randy, who planned to take her to the store to buy some candy to celebrate her first day back to school.

+ Key resident joins Mote board Dean Eisner, of Longboat Key, is joining Mote’s Board of Trustees. Eisner brings 30 years of experience from a background in business administration and management with a focus on finance, sales, marketing and Eisner public relations. Most recently, he served more than 11 years as president and CEO of Manheim in Atlanta. “Mote is one of the most impressive ocean research facilities anywhere, and it is a jewel in our community — especially because it shares this exceptional science with people of all ages,” Eisner says.

Turtle tracks Week of Aug. 12 through Aug. 18

Nests.................................4 False crawls.......................0 2012 2011 Nests 627 267 False crawls 466 248

Photo courtesy of Jack Elka

Ocean Properties Ltd., owner of the Longboat Key Hilton Beachfront Resort, announced Tuesday it’s formulating a joint venture with the Longboat Key Club and Resort regarding the club’s assets. Delray Beach-based Ocean Properties Ltd., owner of the Longboat Key Hilton Beachfront Resort, announced Tuesday it’s formulating a joint venture with the Longboat Key Club and Resort and Loeb Partners Realty LLC for all of the resort’s assets. If the joint-venture partnership is consummated after an unspecified due diligence period, Ocean Properties would become an equity partner in Key Club Associates, L.P., the entity that controls the Longboat Key Club. Ocean Properties Vice President Andy Berger, Loeb Partners Realty Vice President Adam Tegge and Longboat Key Club and Resort General Manager Mi-

chael Welly met with the Longboat Observer Tuesday afternoon to announce the pending joint venture, which club officials are touting as the next step in a $400 million expansion-and-renovation plan that received town approval in June 2010. Berger said there are no further details regarding its investment amount or the joint venture itself until the due diligence process has been completed. A purchase and sale agreement for that equity stake has been drawn up, Berger and Tegge confirmed, and its signing is contingent upon the due diligence, which began Tuesday when Berger arrived on the Key to meet with club officials.

The due diligence period does not have a set timeline for completion and could last anywhere from 30 to 90 days, or longer. Berger declined to comment when asked if the equity stake was a majority stake or a 50/50 stake in the resort. What Berger did say was the Longboat Key Club and Resort “is one-of-a-kind here in Florida.” “We operate more than 100 hotels, and these (types of resorts) don’t come available that often,” Berger said. “When we got the call, we were intrigued and went to work.” Berger said his company’s plans for the club don’t affect a planned remodel of the Long-

boat Key Hilton, on which he hopes to commence construction by May 2013. Berger also said his company’s interest in the club as the managing partner includes plans for longtime manager Michael Welly.

How did it happen?

Tegge and Welly told the Longboat Observer the joint venture relationship was part of a process that officially began soon after the Longboat Key Town Commission approved the club’s expansion plan in 2010. “We’ve always known we would need a developer for the project because that’s not what

SEE KEY CLUB / PAGE 2A

INDEX Bridge Bites....... 20A Briefs....................4A

Classifieds ........ 22A Cops Corner....... 10A

Crossword.......... 21A Letters..................9A

Real Estate........ 18A Weather............. 21A

Vol. 35, No. 5 | Two sections YourObserver.com


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Longboat Observer 08.23.12 by The Observer Group Inc. - Issuu