Host Hotels & Resorts has acquired the fee simple interest in the Baker's Cay Resort Key Largo, Curio Collection for $200 million in cash. Host Hotels acquired the 200-room hotel following a $63 million renovation and repositioning in 2019. The off-market transaction is the REIT's first hotel in the Florida keys, according to CEO James F. Risoleo.
"The Florida Keys market benefits from excellent supply-demand dynamics owing in part to strict development ordinances which have led to the highest 2019 upper-upscale RevPAR of any market in the US," he said in prepared remarks. "We expect this resort to deliver over $300 of RevPAR and $69,000 of EBITDA per key in 2021, ranking eighth on both metrics in Host's 2019 pro forma portfolio."
The purchase price represents an estimated 6.2% capitalization rate and a 14.5x EBITDA multiple based on 2021 property forecasts.
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So far this year, the REIT has made nearly $1 billion in total hotel acquisitions, according to Risoleo.
Situated on 13 acres on Key Largo's Gulf Coast, the property has 26,000 square feet of meeting space, including a 6,900 square foot event lawn and four food and beverage outlets.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
