Search
 

DoubleTree Grand Key Resort Trades for $77M

KEY WEST, FL—The 215-room DoubleTree Grand Key Resort here has been acquired by Bethesda, MD-based RLJ Lodging Trust for $77 million or approximately $358,000 per key.

By John Jordan | Updated on September 16, 2014

KEY WEST, FL—The 215-room DoubleTree Grand Key Resort here has been acquired by Bethesda, MD-based RLJ Lodging Trust for $77 million or approximately $358,000 per key.

The new owner says that in addition to upgrading the property, RLJ plans to replace the hotel’s existing management company. Upon completing an estimated $7-million renovation in 2015, RLJ Lodging expects the purchase price plus capital expenditures will represent a forward capitalization rate of approximately 8.0% based on the hotel’s projected 2016 net operating income.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.