Skip to main content

Largest resort-marina in Florida Keys has new owner

The Florida Keys’ largest resort was recently sold to Carey Watermark Investors.

The real estate investment trust’s total investment in the Hawks Cay Resort is about $149.4 million, including a $133.8 million purchase price and $15.6 million of planned capital improvements and other acquisition-related costs. The acquisition was financed with $79 million of debt. The property will be managed by the Pyramid Hotel Group.

The resort is on Duck Key, about 100 miles south of Miami and 60 miles northeast of Key West, and it includes 177 guest rooms and a residential management program that includes more than 250 two-, three- and four-bedroom villas.

Capital improvement plans involve projects that include the redevelopment of the marina restaurant and other enhancements to the 85-slip marina area.

In addition to the marina, the resort includes 14,800 square feet of indoor meeting space, six food and beverage outlets, a private saltwater lagoon, the 7,000-square-foot Calm Waters Spa, five swimming pools, the Indies Kids' Club, the Cliff Drysdale tennis center and 10,000 square feet of retail and office space.

“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,” Carey Watermark CEO Michael Medzigian said in a statement.

“Our acquisition of Hawks Cay is consistent with our strategy of applying our lodging investment and asset management disciplines to exceptional properties. We believe that through our planned improvements and upgrades, as well as the introduction of the Pyramid Hotel Group management team, we will be able to enhance and reposition the resort, create a solid financial platform for future operations and achieve attractive risk-adjusted returns for our investors."

Related

1_ROWE.OBIT

Indmar Co-Founder Dies at 95

A 20-year veteran of the U.S. Marine Corps, Dick Rowe dedicated himself to the recreational boating industry for more than four decades.

1_TRANSHIELD.ACQUISITION

Patrick Completes Transhield Acquisition

Patrick will provide support to the protective covering manufacturer and allow it operate independently in its current facilities.

Norm

Don’t Give Winter Shows a Pass

Local boat shows are one of the most effective ways to expose your dealership to new prospects and fill your sales funnel during the off-season.

1_PULSE.REPORT

DEALERS: Are You in Compliance?

A new FTC Safeguards Rule designed to protect consumers’ personal information goes into effect Dec. 9 — are you prepared?

1_MYSTICFIRE

Blaze Destroys Mystic Marine Facility

A four-alarm fire last night consumed at least two buildings and an undetermined number of boats at Seaport Marine in Mystic, Conn.

1_GULFCRAFT.EXPANDS

Gulf Craft Broadens Lineup

The Middle Eastern builder debuted its Majesty 72 and Silvercraft WA models at the Abu Dhabi Boat Show last week.

1_VISION.MARINE

Vision Marine Announces Battery Partnership

The production contract includes an initial purchase of 240 batteries from French manufacturer Negoy that will be used in 120 of Vision’s complete propulsion systems.