In the Know: Buckeyes hotel developer tied to $27M Neptune Inn purchase on Fort Myers Beach

Buckeyes. We've picked up plenty of them in Southwest Florida over the decades, as evidenced by all those scarlet Ohio State flags flapping in the sea breeze.

And now more Ohioans are joining them here in the form of Columbus-based Continental Real Estate Cos., also known as CREC, which is tied to the $27 million purchase of Fort Myers Beach's Neptune Inn, according to public records.

Newly formed CHG Neptune Acquisitions, which lists CREC's development president, Mark Damante, as its honcho and shares the same Ohio address, bought the hotel Monday afternoon.

"That's a biggie, isn't it?" Fort Myers Beach Chamber of Commerce Executive Director Jacki Liszak said, after being informed of the price. "I'm excited to see who has purchased Neptune, and looking forward to being community partners."

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With roots dating to 1973, CREC's $3 billion in projects include hospitals, student and senior housing and apartments, theaters, shopping centers, offices, redevelopment and 18 hotels, many of them Marriott, Hilton and Hyatt brands, nearly all in the Midwest.

"Our beach is definitely gentrifying. There's no doubt about that," Liszak said. "Gosh, I'd love to see it stay the way it is. (But) as with all things, change is a constant. You know, it's hard for those of us who have spent most of our lives here. A lot of it is hard to see. But as a business owner on the island, and as the unofficial leader of the business community, I mean I understand it.

"We were the last quiet island in the state of Florida, and we've been found, not just by hotels and all of that, but by people wanting to move here and vacationers, people buying second homes. We're seeing a lot of young professionals move here who are working from their homes and able to purchase a home here. We've got a number of new families who moved down to the beach with children."

Built six decades ago for $325,000, the "luxurious" Neptune Inn rose out of the sands at 2310 Estero Blvd., showcasing "rustproof" English walnut furniture and "features of an anti-hurricane nature," according to newspaper archives. 

Hoosier Frank Odle opened it the year after Hurricane Donna, billing it as the "island paradise on the Gulf of Mexico (on) the world's safest" beach.

The late Hugh Downs, then the announcer and sidekick on NBC's The Tonight Show, checked in as the first guest, the week before its public debut.

These days, the 71 units at the motel-style complex on three acres are part of what's known as The Neptune or the Neptune Resort, a half-mile from where Margaritaville is evolving.

"They've done a nice job with the upkeep. (It) is beautiful property," Liszak said. "They took good care of the property."

At the nearby Jimmy Buffett-themed resort, nearly all the land has been cleared of the dozen aging structures to make way in 2023 for the 254-unit complex that is seen as a potential economic driver.

"There are certainly investors willing to invest that kind of money on our island. It didn't hurt," Liszak said of the impact on the beach, where they're preparing for this week's Roar Offshore Powerboat Races. "There's some great opportunity. There is some great symbiosis going on, on the island. We have a number of non-profits that are wonderful partners of all types of different things. We're definitely in the spotlight."

Founded by Ohio State booster Frank Kass, CREC currently lists its nearest ongoing work as assisted living facilities and townhouses in Kentucky although it has apartments rising in San Antonio, Texas to go with others as far away as Portland, Oregon.

Frank Valente, president of the group's hotel affiliate, Continental Hospitality Group, confirmed the purchase Tuesday with In the Know. Valente also said that the company doesn't have a Florida office and is not related to the CREC of a similar name in Coral Gables.

"Our hotel affiliate, Continental Hospitality Group, develops and acquires high-quality hotels in premium lodging markets in the U.S.," he said, adding that the organization would be releasing more information in the future.

The seller, Blue Vista Capital LLC of Chicago, didn't respond to requests for interviews.

"They've just been a real quiet property, and doing what they do best, and that's treating guests well and providing hospitality," Liszak said. "As with everything, we need people who want to come and invest and give their time, talent and energy and help create our community and keep helping make it better than it is."

Like many on the island, the sale came as a surprise to Fort Myers Beach council member Bill Veach.

"My quick little math — that's $350K per room. That seems pretty pricey," said Veach, upon being told about the sale. "It's got a lot of acreage. Maybe they figure they can do more."

That goes a little against the trend he's observed.

"A lot of the beach business activity has been up. I think that might have to do with the Vrbo thing," Veach said. "There was a thing for awhile, like the small hotels, the little 10- to 12-room hotels, were apparently being bought up by chains that would still run them as a small hotel, but pretty much they just thought that was a good investment."

Based at the Naples Daily News, Columnist Phil Fernandez (pfernandez@gannett.com) writes In the Know as part of the USA TODAY NETWORK. Support Democracy and subscribe to a newspaper.