The 73-room Cobblestone Hotel & Suites has opened at 2970 Koniar Way in Foley, according to Eddie Spence of Gulf Shores.

Spence is a partner with Cobblestone Hotels on the estimated $10 million hotel development in Foley. Cobblestone is based in Neenah, Wisconsin, and has 160 hotels, mostly in the Midwest.

Foley is home to the second Cobblestone hotel in Alabama with the first located in Cullman.

Cobblestone plans to break ground soon on a 54-unit Cobblestone hotel off the town square in Bay Minette, according to Spence, who is a partner in that hotel, along with David Cahoon, Miles Reed and Cobblestone.

Spence and Cahoon co-founded The Shrimp Basket restaurants in 1993 and the eateries are owned by Artistry Restaurants today.

In other transactions:

An out-of-state investor paid $475,000 for 28,712 square feet of industrial space on 2.75 acres at 1701 Navco Road in Mobile, according to Crawford Stitt of White-Spunner Realty, who represented the sellers. Cameron Weavil of The Weavil Company worked for the buyers.

• Work on Margaritaville Resort Orange Beach at The Wharf along the Intracoastal Waterway is officially under way and pre-sales for the resort residences should begin this summer. Prices for the condominiums are expected to start in the mid-$500,000s.

The first phase of construction includes the Waterfront District, condos and the recreation area, and is projected to be completed in 2027. The resort will also offer condo-hotel units, resort cottages, bungalows and waterfront villas.

The residential areas will feature 43 deep water transient boat slips. The 6-acre water recreation site will include a lazy river, swim-up bar, water slides, an adult serenity pool, dining venues, a fitness center, and meeting and event spaces. A private ferry will provide access to The Wharf.

• A local investor paid $160,000 for about 1.3 acres at 96 East Drive in Mobile, according to Chris Harle of White-Spunner Realty, who represented the seller. Shabbir Hossain of NextHome Star Real Estate worked for the buyer.