Ocean Properties Takes Keys to 180-Unit Sheraton Suites for $36M

KEY WEST, FL-Ocean Properties Ltd. has bought the 180-unit Sheraton Suites Key West at 2001 S. Roosevelt Blvd. for just under $35.9 million, or nearly $199,167 a key, from White Plains-based Starwood Hotels & Resorts Worldwide. Under a long-term franchise agreement, the asset will remain in Starwood’s portfolio and be managed by the new owner.

Ocean Properties, which has headquarters in Delray Beach and Portsmouth, NH, is a privately held owner and developer of hotels throughout North America. It was founded in 1950 by the Thomas Walsh family, and, according to published reports, owns and/or operates more than 100 properties aggregating approximately 20,000 rooms in the US and Canada. Calls to Ocean Properties and Starwood were not returned by deadline.

The three-story asset, across from Smathers Beach and a mile from Key West International Airport, was built in 1993. Although it suffered significant damage from Hurricane Katrina, it re-opened just days after the storm hit. According to a Starwood website, renovations began on Nov. 9 and are scheduled to continue through the end of this month. In a press release announcing this sale, however, Starwood says the property “will be completely renovated by Ocean Properties.”