Three companies announce joint acquisition of South Seas
The Timbers Company, Wheelock Street Capital and The Ronto Group recently announced the joint acquisition of the South Seas Island Resort on Captiva. The acquisition of the historic property supports the Timbers Company’s continued plans for growth.
“At Timbers Company, we are actively looking for exceptional properties like South Seas Island Resort to diversify our offerings and expand our footprint,” Chief Executive Officer Greg Spencer said. “For more than two decades, we have been successfully developing, selling and operating master-planned resorts around the world and are delighted to add this iconic coastal Florida property to our collection of diverse destinations.”
“As a native Floridian and having vacationed on both Sanibel and Captiva growing up, I have an immense appreciation for just how special this resort is to all the generations that have visited over the last several decades,” he added. “Securing a coastal Florida resort location was one of our primary goals when we relocated to Florida from Colorado and we are pleased to be working with such distinguished partners as Wheelock Street Capital and The Ronto Group. We plan to elevate the guest experience with expanded services and amenities while working on future plans to reimagine and restore the famed South Seas Island Resort to its original grandeur.”
Wheelock Street Capital will provide the capital for the transaction.
“Wheelock is pleased to partner with Timbers and Ronto to acquire such a unique and renowned Florida property and to re-envision the future it holds,” principal and Wheelock’s Head of Hotel Acquisitions Tim Hodes said. “The acquisition of South Seas Island Resort is a perfect match for our team as we seek to invest in the best the upscale luxury resort market has to offer.”
The acquisition highlights Wheelock’s continued focus on high-end resort and residential development projects. Wheelock and Ronto have developed over 700 condominium units on the west coast of Florida. South Seas adds to Wheelock’s collection of leisure-driven hotel assets.
The Ronto Group will partner with Timbers for the development of the property.
“Our team looks forward to partnering with Timbers and Wheelock to create a blended vision for this iconic Florida landmark resort that has meant so much to generations of vacationers,” owner Anthony Solomon said. “The outcome will surely provide guests with an exemplary luxury experience for future generations.”