Thursday, December 23, 2010

Cabana Club and Biltmore Under New Ownership

After months of rumors, it's official- the Belleview Biltmore is now owned by KAWA Development. The investment group consists of brothers Raphael and Daniel Ades, and another partner. The group purchased the mortgage on the property for $8 million, and now control the hotel, as well as the golf course and Cabana Club in Sand Key.

According to Raphael Ades, they will focus first on paying bills and keeping the golf course in operation and later decide what to do with the hotel. Legg Mason (now Latitude Management Real Estate Investors) mortgaged the property for $26.8 million with intentions to restore the hotel.

The future of the property is still unclear. In October, Ades said his group was primarily interested in the golf course and had plans to upgrade the 136-acre golf course. In November, Senior Care Group said it was negotiating with the investors to possibly restore the Biltmore and convert it into an assisted living facility. Ades has recently said they may separate the properties or find another party interested the properties as a whole.

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