Jesse Serwer is associate editor of Real Estate New York
MARATHON, FL-Cleveland-based hotel REIT Boykin Lodging Co. has acquired the Banana Bay Resort & Marina-Marathon through a joint venture for $12 million from a local seller, Banana Bay Resorts.
The beachfront property, which currently consists of 65 guestrooms on 10 acres at 4590 Overseas Highway in Marathon on the Gulf of Mexico island of Key Vaca, will be redeveloped as a condo-hotel project, according to Tara Szerpicki, head of investor relations for Boykin. Boykin, through a taxable REIT subsidiary, owns 50% of the joint venture that acquired the property. Its management arm, Boykin Management Co., will assume management of the resort.
As part of the redevelopment, the resort's 65 hotel rooms will be converted into 58 two-bedroom rooms, each with two and a half baths. Other amenities include the Banana Cabana restaurant, which will be relocated to a highway-front site during the redevelopment, a heated freshwater pool, tennis courts, conference rooms with full catering facilities and a marina.
Boykin, which currently owns 21 hotels in 13 states with brands including brands Doubletree, Marriott, Hilton, Radisson, Embassy Suites and Courtyard by Marriott, has no immediate plans to brand the property or change the name, Szerpicki says. Five of Boykin's properties, which total 5,871 rooms nationwide, are located in Florida.
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