Laura Layden, email@example.com; 239-263-4818 Published 4:56 p.m. ET May 14, 2018 | Updated 8:49 a.m. ET May 15, 2018
The Hoffmanns don't just want to be in the real estate business.
They want to be in the hospitality business. Their latest acquisition fits with that goal.
The family — the largest owners of commercial real estate in Naples — snatched up Naples Transportation & Tours, a leading provider of limousine and charter bus transportation in Naples.
The local business also offers Segway, trolley and Everglades tours — and the Hoffmanns plan to quickly add bicycles to the choices, making it easier for tourists and other visitors to pedal up and down Fifth Avenue and Third Street.
The purchase price was not disclosed.
Known for short as NT&T, the transportation company was established in 1988. It has strong partnerships with some of the area's most prominent resorts, including the two Ritz-Carltons, the Naples Beach Hotel & Golf Club and the JW Marriott Marco Island.
Segways sit ready for the 2015 Memorial Day weekend at Naples Transportation & Tours in downtown Naples. (Photo: Logan Newell/Special to the Daily News)
The business will continue to be led by Randy Smith, a former owner, who will stay on as CEO.
The Hoffmanns expect to keep all the employees, but most of them will eventually move to a new corporate office.
The family purchased 11 acres near Collier Boulevard and Interstate 75 for the new headquarters Monday. The property is off Bush Boulevard near Tollhouse Drive.
The new offices are where most of the transportation fleet will be parked, maintained and dispatched. The current offices off Sixth Avenue South will remain operational as a secondary location downtown.
The purchase of Naples Transportation & Tours comes on the heels of four recent business acquisitions. The Hoffmanns, through their private family office Osprey Capital LLC, also bought Sunmaster of Naples, Adelheidi's Organic Sweets, Naples Princess Cruises and The Bevy, a popular downtown eatery off Third Street South.
The Naples Princess offers a sunset dinner cruise on a 105-foot luxury yacht. The dinner menu features a double-entree meal with potatoes, salad, dessert and coffee. Lauren Kummer via Wochit
"We are excited to add NT&T to our family of companies," said Greg Hoffmann, principal of Osprey Capital, in a statement. "All of our new acquisitions play vital roles in the Naples community and we will continue to develop their strengths to support Naples as a thriving place to live, work, shop and dine."
In a little over two years, the real estate company, headquartered in St. Louis, has amassed nearly 30 properties in the Naples area, valued at more than $300 million. Most of the buildings are clustered around Fifth Avenue South or Third Street South.
Since 2015 the Hoffmanns have helped attract several high-end restaurants to their buildings, including The French and Sails.
Chef Vincenzo Betulia prepares a lunch dish at The French Brasserie Rustique on Fifth Avenue South.
The Hoffmanns have kept most of the tenants that have come with their buildings, and there are few vacancies.
With the purchase of five businesses, the family's investment in the Naples area has grown to more than $400 million.
"It's a fun place to be. I love it there," said David Hoffmann, founder and chairman of Hoffmann Commercial Real Estate.
More buildings and business purchases are in the works in Naples.
The new seafood restaurant is at Fifth Avenue South and Third Street South in downtown Naples Tim Aten
"I just love the people in Naples. It's just great. I wish I would have gone down sooner. It's a great place to do business. It's a great place to live," David Hoffmann said.
He dropped a few hints about the next acquisition the family expects to announce within a few weeks, without giving up the name of the business.
"It's related to some of the other businesses," Hoffmann said. "It's been in Naples for 40 years and is well-known. We have a letter of intent to buy that business."
Following their acquisition of the Naples Princess, the Hoffmanns recently purchased related boat tour businesses in multiple states, including Tacoma, Washington, and Minneapolis.
With the purchase of its next business, the Hoffmann family will have close to 400 employees in the Naples area. A little over two years ago, it had zero.
As for the other Naples business the family is looking to acquire, Hoffmann said negotiations have just begun so it's more secretive.
Meanwhile, the family has four other buildings under contract, including two on Fifth Avenue. The others are in the Third Street District on 13th Avenue and on Broad Avenue, Hoffmann said.
Those deals are expected to close in the next 60 to 90 days.