The Naples Beach Hotel has seen better days.

But soon, a new owner will transform the hotel into a luxury beachfront Four Seasons resort.

Earlier this year the Naples Beach Hotel & Golf Club agreed to sell the family-owned business but a lawsuit held it up until Friday when the sale was completed for $362 million.

The luxury resort will have 185 residencies and 216 rooms.

“I view it as a big thumbs up and can’t wait for it to begin,” said Deno Yiankes, a Naples resident who lives across the street from the hotel.

Neighbor Mary Young is not as enthusiastic.

“There was a commitment for the 18-hole golf course and certainly we are disappointed that that’s not going to come about,” Young said.

But Young admits The Athens Group, the developer on the project, did make concessions, like agreeing to move the resort amenities to the middle of the property.

Naples Beach Hotel & Golf Club (CREDIT: WINK News)

“I think all of us here on S. Gulf Dr. especially are excited about moving forward at what the new development will bring to the neighborhood,” Young said.

Realtor Greg Economos said the resort will help more people discover Naples.

“When you look at some of the luxury properties within Florida on the East Coast, I think Naples is getting up to that level,” Economos said. “Having that particular property at that high level of development is going to be really important to the city of Naples and downtown Naples.”