The Golden Inn in Avalon was sold Thursday to a Chester-based hotel-management company that plans to transform the family beachside resort into luxury lodgings.
Icona Resorts declined to discuss the purchase price for the 155-guest-room property, but spokeswoman Molly Mita said it was the biggest hotel transaction in Cape May County history. The company will spend "tens of millions" on renovations, to be completed by development affiliate Achristavest by July 2016, Mita said.
Icona renovated Diamond Beach's Pier 6600 into Icona Diamond Beach in 2013. Achristavest also built Phillies part-owner John Middleton's Avalon home and a house for FedEx founder Frederick Smith in Park City, Utah, Mita said.