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.”
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