Profile: HMG Courtland Properties Inc (HMG.A)
9 Dec 2013
HMG/Courtland Properties, Inc. and subsidiaries (HMG) is engaged in the ownership and management of income-producing commercial properties. The Company’s commercial properties are located in the Coconut Grove section of Miami, Florida and consist of a luxury resort on a private island known as Grove Isle with a 50-room hotel, restaurant/banquet facilities, spa, tennis courts and marina with 85 dockage slips and a 50% leasehold interest in Monty’s, a facility consisting of a 16,000 square foot indoor/outdoor seafood restaurant adjacent to a marina with 132 dockage slips and a 40,000 square foot office/retail mall building with approximately 24,000 net rentable square feet. The Company’s rental and related revenue during the year ended December 31, 2009, were generated approximately 66% from the Grove Isle property and 34% from the Monty’s property.
The Company also owns two properties held for development. A 70% interest in a 13,000 square foot commercially zoned building located on 5 acres in Montpelier, Vermont, and approximately 50 acres of vacant land held in Hopkinton, Rhode Island. The Company’s other investments consist primarily of nominal equity interests in various privately-held entities, including limited partnerships whose purpose is to invest venture capital funds in growth-oriented enterprises. The Company’s investments in marketable securities include equity and debt securities issued primarily by large capital companies or government agencies.
Grove Isle Hotel, Club and Marina (Grove Isle) (Coconut Grove, Florida)
The Company owns Grove Isle and leases the property to a qualified luxury resort manager to operate the resort. The Grove Isle resort includes a 50 room hotel, renowned restaurant and banquet facilities, a first class spa, tennis courts and an 85-boat slip marina. It is located on 7 acres of a private island in Coconut Grove, Florida, known as Grove Isle. the lessee of Grove Isle is Grove Hotel Partners, LLC, an affiliate of Grand Heritage Hotel Group, LLC (GH). GH operates over a dozen independent hotels and resorts across North America and Mexico. The lease termination date is November 30, 2016. GH also manages the day to day operations of Grove Isle Spa, LLC (GS), which is owned 50% by GH and 50% by the Company. As of December 31, 2009, 6 of the 85 yacht slips at the facility are owned by the Company and the other 79 are owned by unrelated individuals or their entities.
Restaurant, marina and mall (Monty’s) (Coconut Grove, Florida)
The Monty’s property consists of a two story building with approximately 40,000 rentable square feet and approximately 3.7 acres of land and submerged land with a 132-boat slip marina. It includes a 16,000 square foot indoor-outdoor raw bar restaurant known as Monty’s Raw Bar and 24,000 net rentable square footage of office/retail space leased to tenants operating boating and marina related businesses. It is a casual restaurant and bar located next to the picturesque Monty’s marina.
Land held for development (Vermont and Rhode Island)
The Company owns approximately 50 acres of vacant land held for development located in Hopkinton, Rhode Island. The Company also owns a 70% interest in a commercially zoned 5 acre property located in Montpelier, Vermont.
HMG Courtland Properties Inc
1870 South Bayshore Drive
COCONUT GROVE FL 33133