A bow to Ocean Properties' commitment

Congratulations to Ocean Properties Ltd. Its long-awaited Zota Beach Resort is open, and it is a befitting and attractive addition to Longboat Key.

Rarely are private enterprises recognized and applauded for their investments and contributions. But Zota’s opening creates an appropriate time to acknowledge and applaud Ocean Properties’ commitment to this region.

It’s extraordinary.

We won’t ignore that among the reasons Ocean Properties is in business is to make a profit — to provide a service at a fair price and at a price that compensates its owners for their investment, risk and efforts. That’s what capitalism is all about.

But when you look at what Ocean Properties has invested since it acquired the Longboat Key Club and Resort in October 2012, the Delray Beach-based company has demonstrated that it is more than just an acquirer and “milker” of assets and profits. It’s a responsible steward — responsible to all of its constituencies … owners, customers, employees and communities. 

Ocean Properties invested in the range of $200 million to acquire the Longboat Key Club and Resort, Zota Beach Resort (formerly Longboat Key Hilton Beach Resort), Lido Beach Resort, Holiday Inn Lido Key and Helmsley Sandcastle Resort. But it also has invested and is investing more than $50 million renovating the properties. In the case of the Helmsley, Ocean Properties is planning to raze the 1953 structure and replace it with two 10-story buildings that will double the number of rooms to 304. 

While there are those residents who lament the addition of new hotel rooms on Longboat and Lido keys because they only envision more traffic, Ocean Properties’ investments are improving the quality of life and raising this region’s standard of living. 

The renovations and redevelopment increase the values not just of Ocean Properties’ assets but also the values of surrounding properties. And when these newly renovated and expanded properties house visitors, those tourists bring in new money and create new and more wealth locally with their spending.

This is capitalism at its best — when individuals (in this case, the owners of Ocean Properties) pursue ventures in their self-interest that will serve the needs and provide benefits to others.

Ocean Properties has proven to be the kind of corporate citizen every community wants.