Ritz Carlton in Talks to Brand Singer Island - Dermot OBrien Group - Sotheby's International Realty Singer Island

Ritz Carlton in Talks to Brand Singer Island

By Alexandra Clough

Palm Beach Post Staff Writer

Singer Island soon could be puttin’ on the Ritz for the hottest luxury hotel brand around.

The new owners of the 2700 North Ocean condominium are in serious talks with the vaunted Ritz-Carlton about making the twin-tower condo into a Ritz resort, according to sources close to the deal.The property is being eyed as a Ritz residence, offering luxury condos with Ritz-style hotel amenities. It is unclear whether any fractional ownership of condo units would be allowed.

But the beachfront property, on Singer Island in Riviera Beach, isn’t likely to become a standard Ritz hotel. The units are too large to be used as hotel rooms.

The Ritz is being courted by the condo’s new owners, Lionheart Capital LLC of Miami. In June, Lionheart paid $120 million for 146 unsold condo units in the 242-unit project, which was developed by Palm Beach Gardens builder Dan Catalfumo.

Lionheart consists of the Flagler Group of Miami, a real estate firm with expertise in condo-hotels, plus two investment firms. One is Elliott Management, a prominent New York investment firm. The other, OZ Holdings, is a Miami-based private investment firm.

This potential deal with the Ritz has the real estate community abuzz. But no one involved wanted to talk because details still are being finalized. “I regret this is speculation and we cannot comment,” a Ritz spokeswoman said.A spokeswoman for the new ownership group also wouldn’t talk yet. “There’s nothing to report at this stage,” Amy Zakarin said. “There’s been a lot of conversa­tions about how we’re going to brand this property in time for season, but I think it’s premature to announce something now.”

The Ritz affiliation, if wrapped up, is expected to be announced in October.

Dermot OBrien Group

With close to $300 Million in sales on Singer Island since 2004 (close to 250 different properties) Dermot OBrien Group of Sotheby’s International Realty Singer Island is the recipient of the 2012 Ritz Carlton Residences Power Broker Award, 2013-2014 International Property Magazine Best Real Estate Agent Florida Award and the 2017 - 2018 International Property Magazine Best Real Estate Brokerage Florida Award. Dermot was selected as the 2010 & 2011 Unique Homes Magazine Singer Island market specialist, in addition to being a 2008, 2009 and 2010 Platinum Producer for Illustrated Properties Real Estate.

Dermot has an MBA from the Kellogg Graduate School of Management at Northwestern University, a Diploma from the British Chartered Institute of Marketing and a BA from University College Dublin in Ireland. A life long learner he recently completed a Diploma in Digital Marketing from the Digital Marketing Institute. With over 35 years of experience in real estate sales, marketing, new product development and management consulting he continues to enjoy the entrepreneurial career path.