The Colony Beach and Tennis Resort on Florida’s Longboat Key announced this week that the resort will close on Sunday, September 27, 2009. Water and power will be shut off to the 237 condo hotel units, the pool will be closed, housekeeping will cease, tennis courts will be inaccessible, and there will be no front desk service or maintenance services. The only exception will be the resort’s restaurant and a few units owned by members of the Klauber family, which took over the resort from original developers in 1972.
Each of the units were originally sold as fractional ownership, with owners buying a 1/12 share that allowed them to use the units for 30 days each year. Time not used by owners was placed in a pool and rented to the general public by the resort management company, which was paid a management fee by the condominium association. Over the years, the management company spent millions of dollars to maintain and restore the facilities of the resort. In better times, the firm apparently Read More »