MIAMI—A five-hotel portfolio in Key Largo and Key West, FL has traded hands. Delray Beach-based Ocean Properties snapped up the 516-room portfolio.

The portfolio includes the Courtyard Key Largo, Holiday Inn Key Largo, Marina Del Mar Resort & Marina, and Marriott Key Largo, as well as the Travelodge & Suites Bayside Resort located in Key West. CBRE Hotels represented the seller, Atlantia Properties, based in Fort Lauderdale. CBRE Hotels senior vice president Robert Taylor in Miami, executive vice president Ron Danko in New York and vice president Bradley Burwell in New York collaborated on the transaction.

“We had a tremendous amount of interest from private as well as institutional investors from around the country,” Danko says. “Although the marketing process uncovered other strong suitors and determined pricing, we always viewed Ocean Properties as the 'right' strategic buyer. Ocean Properties has been a remarkable manager of the assets over the years and understands their tremendous long-term potential, where they already have substantial holdings and operating synergies unable to be duplicated.”