It closed in 2010 now it's virtually a ghost resort, badly deteriorated. But the tract of land that it's on is right on the beach of Longboat Key, so it's absolutely prime real estate.
You can see photos and an update about it here.
I stayed there twice in the 90s and it was like tennis heaven on earth, just a perfect paradise. Sad to see it's in such bad shape now. Hopefully they can get it back on it's feet. The Colony is a part of tennis history, it's where Bollettieri started out.
Anybody have special memories of The Colony?