‘Tween Waters Inn and Other Sanibel Captiva Resorts Offered for Sale

October 22, 2026

One of Southwest Florida's longtime resort operators is exploring the sale of several well-known properties on Sanibel and Captiva Islands, including the historic ‘Tween Waters Inn & Marina on Captiva.

Tony Lapi, president and chairman of Sanibel Captiva Beach Resorts, confirmed plans to offer ‘Tween Waters for sale beginning October 4, 2026, adding the company's flagship property to a group of resort assets already being marketed or considered for sale.

The announcement represents a potentially significant transition for the islands' hospitality industry. The properties have been part of the Sanibel and Captiva tourism landscape for decades, and several face important decisions about rebuilding and redevelopment following Hurricane Ian.

Which Sanibel and Captiva Resort Properties Are Being Offered for Sale?

The properties discussed as part of the company's potential sale of assets include:

‘Tween Waters Inn & Marina, Captiva Island

Located at 15951 Captiva Drive, ‘Tween Waters is a historic waterfront resort situated between the Gulf of Mexico and Pine Island Sound.

The 13-acre property includes 137 accommodations, a marina, restaurants, swimming pools, recreational facilities, and event venues.

Established in 1931, the resort has welcomed generations of visitors and remains an important part of Captiva's hospitality industry.

Lapi announced that commercial real estate firm JLL would formally begin marketing the property on October 4, 2026.

West Wind Island Resort, Sanibel Island

Located along West Gulf Drive, West Wind Island Resort was a longtime beachfront vacation destination before sustaining extensive damage during Hurricane Ian in September 2022.

The property represents a potential redevelopment opportunity on Sanibel's Gulf shoreline.

Any future rebuilding or redevelopment would be subject to applicable City of Sanibel regulations, permitting requirements, and development limitations.

Beachview Villas, Sanibel Island

Located at 3325 West Gulf Drive, Beachview Villas represents a substantial reinvestment in Sanibel's hospitality industry following Hurricane Ian.

The former Beachview Cottages property suffered extensive storm damage. Rather than reconstructing the original cottages, the owners developed a new, more storm-resilient resort building.

The property now contains 22 accommodations, including suites and a larger Gulf-front residence.

Beachview Villas offers prospective buyers a recently reconstructed hospitality property rather than a site requiring a complete post-hurricane rebuild.

Castaways Cottages, Sanibel and Captiva

The Castaways properties, associated with the Blind Pass area connecting Sanibel and Captiva, are also among the assets discussed in connection with the potential sales.

The historic cottages have long been associated with the islands' traditional vacation experience.

Their future is particularly relevant to residents and visitors interested in preserving the character of smaller, cottage-style accommodations along the islands.

Why Is Sanibel Captiva Beach Resorts Considering Selling?

During a September 2026 Captiva Community Panel meeting, Lapi discussed the company's decision to consider offers for its resort properties.

The company has operated on the islands for approximately five decades, with Lapi joining the business in 1976.

Hurricane Ian dramatically changed the financial circumstances surrounding several of the company's properties. Extensive storm damage, rebuilding costs, insurance considerations, and changing construction requirements have complicated the recovery process for island hospitality businesses.

According to Lapi, the decision to consider selling ‘Tween Waters is connected to the potential sale of the company's other properties.

He explained that West Wind, Beachview, and the Castaways properties would need to be under contract before the company would seriously consider selling its flagship Captiva resort.

The company is evaluating potential offers rather than announcing an immediate closure or completed sale.

Lapi also indicated that the proceeds from an eventual sale of the company's assets would be distributed to shareholders, including employees who hold ownership interests.

What Could Happen to ‘Tween Waters Under New Ownership?

A sale of ‘Tween Waters does not necessarily mean that the property would be demolished, substantially redeveloped, or converted to another use.

Lapi suggested that a prospective buyer of ‘Tween Waters would more likely be an experienced resort operator than a developer, given the property's existing improvements and limited remaining development potential.

A new owner could choose to continue operating the resort, renovate existing accommodations, reposition the property within the hospitality market, or introduce changes to services and pricing.

However, the future of the property will depend on the eventual purchaser, applicable regulations, and any development approvals required.

For Captiva residents, the distinction between continued resort operations and significant redevelopment is important.

The island's limited land area, coastal environment, and established community character make changes to major hospitality properties a subject of considerable local interest.

What Do These Resort Sales Mean for Sanibel and Captiva?

The potential sale of multiple hospitality properties comes as Sanibel and Captiva continue recovering from Hurricane Ian.

Across both islands, resort owners face decisions involving reconstruction costs, flood elevation requirements, insurance expenses, changing visitor expectations, and the long-term financial feasibility of operating coastal properties.

For Sanibel, the West Wind and Castaways properties raise questions about the future of established resort locations that have historically contributed to the island's tourism economy.

Beachview Villas demonstrates a different approach, with substantial investment already made in a modern, more storm-resilient property.

On Captiva, ‘Tween Waters represents an operating resort with a long history, established facilities, and a recognizable identity.

The possible transfer of these properties to new ownership could influence future lodging availability, employment opportunities, tourism activity, and the character of the islands' hospitality industry.

It is important to distinguish a change in ownership from a change in permitted development. Purchasing an existing resort does not automatically authorize additional accommodations, increased building heights, or expanded density.

Any proposed changes must be evaluated under the regulations applicable to the individual property.

A 50-Year Legacy on Sanibel and Captiva

The potential sales coincide with an important milestone for Sanibel Captiva Beach Resorts.

In October 2026, ‘Tween Waters celebrated 50 years of leadership under Tony Lapi and the ownership group that began operating the property in 1976.

During those decades, the company expanded its hospitality operations, developed multiple resort properties, employed generations of island workers, and supported numerous local organizations and environmental initiatives.

Its history is closely connected to the evolution of Sanibel and Captiva as internationally recognized vacation destinations.

For many longtime visitors, these properties represent more than hotel rooms. They are places associated with annual vacations, weddings, reunions, and traditions spanning generations.

The potential sale of the company's properties marks a possible change in ownership of several familiar island landmarks.

What Happens Next?

The marketing of ‘Tween Waters and the company's other resort properties does not establish when, or whether, individual sales will close.

As of the September announcement, Lapi reported that no offers had been received for ‘Tween Waters.

Future developments to watch include purchase contracts, announced buyers, closing dates, continued resort operations, and any proposals involving reconstruction or redevelopment.

The ultimate impact on Sanibel and Captiva will depend on who purchases the properties and what those owners intend to do with them.

Pfeifer Realty Group will continue following significant real estate transactions, resort redevelopment proposals, and other developments affecting property ownership and the future of Sanibel and Captiva Islands.