Key West Hotel Sells for $17.2M

KEY WEST, FL-The 222-room Holiday Inn Beachside Resort, located here, has been sold for $17.2 million. The price equals about $77,477 per room.

Robert Spottswood of Spottswood Properties is the general partner of the buyer entity. Publicly traded LaSalle Hotel Properties, a real estate investment trust based in Bethesda, MD, was the seller. The hotel sold for its approximate book value recorded at the end of the second quarter. The price is about 13 times historical property level EBITDA.

In connection with the sale of the Beachside Resort and the buyer’s assumption of the debt, LaSalle will have a $300,000 non-cash expense that relates to the early disposition of debt associated with the sale of the resort in the third quarter.