Islamorada Resort sells for $133.8 million

A month after news broke it was for sale, the Florida Keys' largest resort is changing hands for a reported $133.8 million.
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ISLAMORADA, Fla. - Nov. 1, 2013 - PRLog -- Carey Watermark Investors Inc, acquired Hawks Cay Resort on Duck Key and  will spend an additional $15.6 million in "capital improvements and other acquisition-related costs."

The resort was independently owned and operated for 24 years before that. It was built in 1959 and opened as the Indies Inn a year later.

This is the third sale a large-scale resort in the Keys since the spring.

In August, Maryland-based LaSalle Hotel Properties announced its Keys-record $184.5 million purchase of the 260-room Southernmost Hotel Collection on the Atlantic end of Duval Street in Key West.

In May, the 140-room Pier House Resort and Spa, also on Duval, sold for $90 million.

"Given the limited number of existing resorts and restrictions on new development, the Florida Keys is one of the strongest lodging markets in the country. Our acquisition of Hawks Cay is consistent with our strategy of applying our lodging investment and asset management disciplines to exceptional properties," Michael Medzigian, chief executive officer of Cary Watermark, said in a prepared statement.

November 1st, 2013, Islamorada, Florida Keys. Per Jan Keller, Islamorada’s top producing Realtor. “This is great news for both our local residents as well as our tourist industry.

When asked how this could affect the Islamorada Real Estate market, Jan remarked, "There are several things to discuss here.

Number 1 is the fact that a property for this much money sold almost immediately. This shows the value of Keys Property as well as the value of our Tourist Market.

Secondly, the fact these New Buyers will be doing extensive renovations, will benefit both our local economy plus it will bring more people (due to the extensive promotion this Company certainly will do) to the Islamorada area.

More people always means more Real Estate showings and hence sales of second vacation and retirement homes.

About Jan Keller. Jan is a Top producing Real Estate agent and the owner of the Florida website designed specifically to help people relocating to Islamorada and the upper Florida Keys.

Jan Keller
Source:KellerPorter Team
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