Cheeca Holdings LLC--a company consisting of RockResorts, The Falor Cos. and Johnson Resort Properties--entered into an investment syndicate to purchase the luxury resort. Jones Lang LaSalle Hotels arranged the sale on behalf of an affiliate of Olympus Real Estate Partners.

RockResorts, which managed the resort previously, has a 20-year contract to continue managing the property, which is located about an hour and a half south of Miami. The resort is situated on 27 acres, which includes 1,100 feet of white-sand beach.

"The Cheeca Lodge & Spa has been extremely resilient during the recent downturn in the hospitality industry, which attributes to the prestige of the property and its excellent location," Gregory Rumpel, senior vice president of Jones Lang LaSalle Hotels who spearheaded the transaction, says in a statement. "With Cheeca Holding's anticipated $10 million capital investment plan for the property, Cheeca should continue to be a formidable presence among Florida's pre-eminent resorts. Not only is the resort performing well, there is also apparent upside potential."