Owners at The Palm Beach Marriott Singer Island Beach Resort and Spa filed suit against the hotel operator, Urgo Hotels, claiming high fees and lack of control over how association funds are spent. "A recent sale at the Resort closed for $105,000 or $141 per square foot and the original buyer paid $435,000, representing a 76% decline," said Dickenson. Urgo Hotels purchased the tower, formerly known as The Resort at Singer Island, from WCI Communities in October 2009 and paid $131 per square foot for 14 condo hotels as part of a $7.1M bulk condo purchase.
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