CBRE CLOSES SALE OF TWO ISLAMORADA RESORT/MARINA ASSETS
Seven transactions arranged by CBRE in Florida Keys in last 18 months
Miami, FL – September 16, 2014 – (RealEstateRama) — CBRE Hotels arranged the sale of two beachfront resort and marina properties in Islamorada, FL, bringing to seven the number of hotel and resort transactions closed by CBRE in the Florida Keys in the past 18 months. Both the 12-acre Postcard Inn Beach Resort & Marina at Holiday Isle, FL, located at 84001 Overseas Highway, and the 15-acre La Siesta Resort & Marina, located at 80241 Overseas Highway, were acquired by an undisclosed buyer.
“The significant barriers to entry and double-digit RevPar growth has made the Florida Keys one of the most desirable markets in the country for private investors, private equity firms, REITs and foreign investors. There was tremendous interest in these assets,” said Robert M. Taylor, Senior Vice President of CBRE Hotels. “Including these two assets, CBRE Hotels has arranged the sale of seven hotels in the Florida Keys during the past year and a half.”
Just minutes from Key Largo, the oceanfront Postcard Inn Beach Resort & Marina at Holiday Isle includes 1,200 linear feet of ocean frontage with two private beaches, seven buildings, 151 units (many with kitchens), and a 57-slip marina. Formerly the Holiday Isle Beach Resort, the property was rebranded following completion of a $12 million renovation in 2013.
The La Siesta Resort & Marina is an all-suite property on two parcels straddling Overseas Highway and featuring Atlantic Ocean and Florida Bay access. It offers an opportunity to convert 55 units into resort-style residences for sale, while maintaining existing structures and reducing redevelopment costs. The property’s two marinas boast 27 slips on the ocean side and an additional 30 slips with a two-story yacht club and 70-slip dry dock facility less than a mile away on the bay side.
The Miami-based CBRE Hotels team that arranged the transactions included Taylor, Ron Danko, Bradley Burwell, and Zoe Martineau, collaborating with Robert Given and Gerard Yetming of CBRE’s Capital Markets, Multifamily team.
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of more than 150 dedicated hospitality professionals located in 37 offices across the globe. For more information, please visit our website at www.cbrehotels.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
