MIAMI-Northwood Investors made the decision to recapitalize in three Florida hotels, thus expanding its investment there. The portfolio includes the Parrot Key Resort, Tranquility Bay Beach House Resort and a hotel development site in Key West at the Seaport at Key West Bight, according to a statement from the company.
Northwood Investors are acting as one half of a partnership with the original developer, Pritam Singh. He will act as a partner in the ownership of the hotels and work towards developing the new hotel located at the Seaport at Key West Bight and the development of 16 new rooms at Tranquility Bay.
The hotels are diverse and located in prime Florida hotspots. Parrot Key is a 148-room full-service hotel and resort in Key West; Tranquility Bay, in Marathon, Florida, is a private, has 87 two- and three-bedroom townhouses across 12 acres, and the Seaport site will be completed in 2014. This hotel will have 96 rooms and will be a luxury hotel.
In the same statement, David McCaslin, President of Northwood Hospitality said: “We look forward to working with Pritam to make the seaport location the premier luxury hotel in Key West… This property will deliver the same caliber of luxury and innovation found in the New York Palace, Cheeca Lodge and Revere Hotel Boston Common.”