MIAMI—Two beachfront resort and marina assets in the Florida Keys just traded hands. Both in Islamorada, the Postcard Inn Beach Resort & Marina at Holiday Isle and the La Siesta Resort & Marina sold.
The 12-acre Postcard is located at 84001 Overseas Highway. The 15-acre La Siesta Resort & Marina is located 80241 Overseas Highway. Carlyle Group acquired the assets for an undisclosed amount. CBRE Hotels arranged the sale.
“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,” says Robert M. Taylor, senior vice president of CBRE Hotels. “There was tremendous interest in these assets.”
Postcard is just minutes from Key Largo and boasts 1,200 linear feet of ocean frontage with two private beaches, seven buildings, 151 units, and a 57-slip marina. Formerly the Holiday Isle Beach Resort, the property was rebranded after 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. 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. Carlyle plans to invest $18 million in renovations on the hotels.
"These Islamorada properties are in high quality locations and have significant upside potential following renovations and management enhancements," says Thad Paul, managing director at Carlyle. "With the planned changes, we're confident that guests and the residents of Islamorada will continue to embrace the properties and support tourism efforts on Islamorada."
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