MIAMI—Key Colony Bay Resort, an 80-room hotel that sits on four acres in Marathon, FL, has traded hands. Baywood Hotels acquired the hotel from Peebles Corporation.
CBRE Hotels' Robert Taylor and Ron Danko represented the seller. Financial terms of the deal were not disclosed.
“With RevPAR comparable to Miami Beach, the Florida Keys are a hot market with significant barriers to entry. As a result, many of the largest owner/operators, REITS and private equity funds have bid for our listings in the Keys,” says Taylor. “Following purchases of such assets, most buyers see an opportunity to maximize their investment with significant upgrades, repositioning, and rebranding that transforms the property into an even more attractive destination.”
This deal marks the Miami-based CBRE Hotels team's eighth Florida Keys hotel sale in two years. Florida Keys deals, in general, were flowing strong in 2014.
It was one of the largest commercial real estate transactions in Ocean Reef Club. The Marina Inn property in the exclusive Key Largo, FL club sold for $20 million in late December.
In September, two beachfront resort and marina assets in the Florida Keys traded hands. Both in Islamorada, the Postcard Inn Beach Resort & Marina at Holiday Isle and the La Siesta Resort & Marina sold.
In August, a five-hotel Florida Keys portfolio sold. Delray Beach-based Ocean Properties snapped up the 516-room portfolio, which includes the Courtyard Key Largo, Holiday Inn Key Largo, Marina Del Mar Resort & Marina, and Marriott Key Largo, as well as the Travelodge & Suites Bayside Resort located in Key West.
It's not often you hear about Key West multifamily assets trading. But in June, a joint venture with Rockpoint Group, Miami-based Mast Capital acquired a fee simple interest in West Isles Club. The sale price was $39.5 million, or $205,700 per unit.
Hersha bought a Key West hotel for $100 million in May. And in February, a private island in the Florida Keys has hit the market. Pumpkin Key, which is part of the exclusive Ocean Reef community and less than an hour from Miami, listed at $110 million.
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