California investment firm KHP Capital Partners
made landfall in the Florida Keys last month when it purchased Blackstone
Group’s Hilton Key Largo Resort for an undisclosed amount.
Now, county records
have revealed just how pricey the deal was. KHP paid nearly $62.3 million for
the 200-room resort, or about $311,500 per room.
That makes this one of the
Florida Keys’ most expensive hotel deals in recent years. Peebles Corp.
sold an 80-room hotel in Marathon early last year for $131,250 per room. The Hilton
Key Largo is a newly renovated resort located at 97000 Overseas Highway in Key
Largo. It has 12 acres of waterfront grounds and 21 boat slips. Blackstone came
to own the property through its $367 million acquisition of nine hotels from
MeriStar in 2006.
Soon after that deal closed, the New York-based private
equity giant started a $12 million renovation of the resort, which was built in
1985. Daniel C. Peek, Max Comess and Alexandra Lalos of HFF represented
Blackstone for the sale, which was announced Feb. 24. “Key Largo in particular
seems to be emerging as a new high-end resort destination in South Florida,”
Comess said in the announcement. “The same transformation and flight to quality
that occurred in Key West and Islamorada in recent years appears to be happening
in Key Largo, the closest of the Florida Keys to Miami.” –
Original
content The Real Deal
No comments:
Post a Comment