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04-05-2006, 06:48 AM
After almost two years of speculation, it's a done deal.
Nautical Inn Owner Jack Skinner announced on Tuesday that he and his partners had sold their stakes in the property to LH Ventures out of Scottsdale for about $16 million.
“That's not a precise number, but it's in that range,” said Skinner.
Skinner said the deal finally came together Tuesday afternoon, but several aspects of the finances wouldn't close until September, thus the imprecise sales figure.
Skinner, along with his partners Bill McReynolds, Joe Guilbault and Larry May, bought the Nautical Inn in 1997 for $2 million following a prolonged bankruptcy procedure. May died last year.
Skinner said he will remain as the hotel manager until the end of the month before stepping aside for the new hotel manager, Vern Porter. Skinner said he then would remain at the resort for the foreseeable future as a consultant to the business.
“This is a good deal,” said Skinner.
Other than Skinner, no other staffing changes are expected, he said.
“They'll want to take advantage of the experience here,” he said.
Skinner praised the staff, especially housekeeping, for their hard work over the years. Since the hotel's business is seasonal, relying on the summer boating season for most of its clientele, Skinner said some of the staff is periodically laid off and then called back. He noted that most of their housekeeping staff get a bonus and schedule their trips around the layoffs before showing up at the end of February to come back to work.
“We have pretty good people and we don't want to lose them,” he said. “It's great in this labor market to have staff you know comes back every year.”
While not a part of the deal that closed on Tuesday, the golf course also has been bought by LH Ventures. That deal closed on Feb. 28
“There are a few different partners in that deal, but it is the same company,” said Skinner.
While Skinner had plans to build another 30-suite building on the site of the old Tiki Terrace, he said he doesn't know what the new owners have in mind.
The hotel currently has 139 beachfront, lake-view rooms, a golf course, boat launch and other amenities.
One amenity is the Naked Turtle Bar, which Skinner said the hotel partners on with Craig Reynolds.
“We sold our end of the partnership,” he said. “Craig is keeping his half.”
The deal was about four years in the making, according to Skinner. LH Ventures bought one building and that sale included an option to buy the whole resort. That option was due to expire at the end of April.
“They cut it pretty close,” said Skinner. “And up until Monday I still wasn't sure they were going to close but everything came together.”
As for future development plans, Skinner said he doesn't know what the new owners will want to do with the property, but noted there are 11 undeveloped acres for them to work with.
The Nautical Inn rests on Arizona State Lands with a lease good through 2057. There also are two 10-year options that can be exercised on that lease.
However, the golf course lease is up in January 2015.
The Nautical Inn originally was built in 1963 prior to the founding of the city.
You may contact the reporter at ditullio@havasunews.com.
Nautical Inn Owner Jack Skinner announced on Tuesday that he and his partners had sold their stakes in the property to LH Ventures out of Scottsdale for about $16 million.
“That's not a precise number, but it's in that range,” said Skinner.
Skinner said the deal finally came together Tuesday afternoon, but several aspects of the finances wouldn't close until September, thus the imprecise sales figure.
Skinner, along with his partners Bill McReynolds, Joe Guilbault and Larry May, bought the Nautical Inn in 1997 for $2 million following a prolonged bankruptcy procedure. May died last year.
Skinner said he will remain as the hotel manager until the end of the month before stepping aside for the new hotel manager, Vern Porter. Skinner said he then would remain at the resort for the foreseeable future as a consultant to the business.
“This is a good deal,” said Skinner.
Other than Skinner, no other staffing changes are expected, he said.
“They'll want to take advantage of the experience here,” he said.
Skinner praised the staff, especially housekeeping, for their hard work over the years. Since the hotel's business is seasonal, relying on the summer boating season for most of its clientele, Skinner said some of the staff is periodically laid off and then called back. He noted that most of their housekeeping staff get a bonus and schedule their trips around the layoffs before showing up at the end of February to come back to work.
“We have pretty good people and we don't want to lose them,” he said. “It's great in this labor market to have staff you know comes back every year.”
While not a part of the deal that closed on Tuesday, the golf course also has been bought by LH Ventures. That deal closed on Feb. 28
“There are a few different partners in that deal, but it is the same company,” said Skinner.
While Skinner had plans to build another 30-suite building on the site of the old Tiki Terrace, he said he doesn't know what the new owners have in mind.
The hotel currently has 139 beachfront, lake-view rooms, a golf course, boat launch and other amenities.
One amenity is the Naked Turtle Bar, which Skinner said the hotel partners on with Craig Reynolds.
“We sold our end of the partnership,” he said. “Craig is keeping his half.”
The deal was about four years in the making, according to Skinner. LH Ventures bought one building and that sale included an option to buy the whole resort. That option was due to expire at the end of April.
“They cut it pretty close,” said Skinner. “And up until Monday I still wasn't sure they were going to close but everything came together.”
As for future development plans, Skinner said he doesn't know what the new owners will want to do with the property, but noted there are 11 undeveloped acres for them to work with.
The Nautical Inn rests on Arizona State Lands with a lease good through 2057. There also are two 10-year options that can be exercised on that lease.
However, the golf course lease is up in January 2015.
The Nautical Inn originally was built in 1963 prior to the founding of the city.
You may contact the reporter at ditullio@havasunews.com.