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May 20, 2022

A team of Stroock attorneys led by partners Steven Schneider and Michael Kosmas guided the ownership of the Inn on Fifth in closing its $156 million disposition of the luxury resort to Pebblebrook Hotel Trust, a prominent national lodging REIT. The transaction closed on May 11, 2022. The consideration was a combination of cash and Pebblebrook operating partnership units.

The Inn on Fifth was developed, owned and operated for more than 25 years by prominent Naples hotelier Phil McCabe, who also served as the day-to-day general manager of the hotel until the transaction closed. After the closing, both Schneider and Kosmas expressed how pleased they were to be part of this significant hospitality industry transaction and their admiration of a client who, two-and-a-half decades ago, started with a dream and built his own brand in Naples that will leave a permanent mark on the local luxury hotel market.

Located in the heart of downtown Naples, the AAA Four-Diamond, Forbes Travel Guide Four-Star Inn on Fifth features 119 luxurious rooms, including 43 suites, in two iconic buildings just steps from one another across Fifth Avenue. The hotel’s enviable location puts guests in the middle of a celebrated collection of award-winning shops and restaurants, including Ocean Prime, Truluck’s Seafood, Steak and Crab House and the Spa on Fifth, which are all located at the Inn.

In addition to Schneider and Kosmas, the Stroock team included Kara AltmanHeather Purdy, Jeff LowenthalAllissa KerrHoward LavinAustin Lilling and others who provided assistance with various aspects of the transaction. 

Click here to read the full press release from Pebblebrook Hotel Trust.

May 20, 2022

A team of Stroock attorneys led by partners Steven Schneider and Michael Kosmas guided the ownership of the Inn on Fifth in closing its $156 million disposition of the luxury resort to Pebblebrook Hotel Trust, a prominent national lodging REIT. The transaction closed on May 11, 2022. The consideration was a combination of cash and Pebblebrook operating partnership units.

The Inn on Fifth was developed, owned and operated for more than 25 years by prominent Naples hotelier Phil McCabe, who also served as the day-to-day general manager of the hotel until the transaction closed. After the closing, both Schneider and Kosmas expressed how pleased they were to be part of this significant hospitality industry transaction and their admiration of a client who, two-and-a-half decades ago, started with a dream and built his own brand in Naples that will leave a permanent mark on the local luxury hotel market.

Located in the heart of downtown Naples, the AAA Four-Diamond, Forbes Travel Guide Four-Star Inn on Fifth features 119 luxurious rooms, including 43 suites, in two iconic buildings just steps from one another across Fifth Avenue. The hotel’s enviable location puts guests in the middle of a celebrated collection of award-winning shops and restaurants, including Ocean Prime, Truluck’s Seafood, Steak and Crab House and the Spa on Fifth, which are all located at the Inn.

In addition to Schneider and Kosmas, the Stroock team included Kara AltmanHeather Purdy, Jeff LowenthalAllissa KerrHoward LavinAustin Lilling and others who provided assistance with various aspects of the transaction. 

Click here to read the full press release from Pebblebrook Hotel Trust.