New Owner Has Big Plans For Popular Jersey Shore Hotel

AVALON, N.J. (CBS) - A landmark hotel down the shore has a new owner and will undergo a major renovation in the new year.

Beachfront developer Eustace Mita already owns a hotel just outside Wildwood Crest, and in two weeks, closes on a Cape May hotel.

He also just bought the Golden Inn in Avalon, a deal he says was 15 years in the making:

"My dream was to always own the Golden Inn. The Golden Inn to me and to our company is really the diamond of South Jersey. It takes up an entire beach block and it is certainly iconic."

Mita, who operates Icona Resorts, won't say what he paid for the Avalon property, but does reveal his plan to refurbish the 155 rooms and more:

"We're going to completely re-do the restaurant. We're going to take down the pool and cabana area and the beach bar area. We're going to demolish all them, start from scratch, and build a magnificent resort."

All this in six months starting January 1st. If that sounds a tad optimistic, consider that Mita owns the development company doing the work.

Work at the Golden Inn will be done in two stages and the hotel will remain open through construction.