The largest resort property in the Florida Keys could fetch more than $125 million, industry sources believe, as the latest in a flurry of large-scale and high-cost commercial real estate transactions for the area.
The sale of the Florida Keys’ largest resort could be the latest in a flurry of local large-scale and high-cost commercial real estate transactions seen in the area in recent months, The Miami Herald reported.
Industry sources say that the Hawks Cay Resort on Duck Key, near mile marker 61 on U.S. Route 1, could sell for a price in excess of $125 million, the Herald reported.
Hawks Cay Resort spokeswoman Holly Lee-Zawyer confirmed that the resort is for sale, but resort officials declined to be interviewed by the Herald.
The resort features 402 two-and three-bedroom villas and hotel rooms, as well as five restaurants, the Calm Waters Spa, the interactive Dolphin Connection facility, and a full-service marina featuring dive, snorkeling and sportfishing operations, the Herald reported.
Addisson, Texas-based Behringer Harvard, with Northview Hotel Group and Five Star Realty Partners LLC, acquired the resort in February 2007 for a reported $75 million, the Herald reported. The resort was built in 1959, opened as the Indies Inn a year later, and independently owned and operated for 24 years before its purchase in 2007, it was noted.
According to Monroe County Property Appraiser Scott Russell, BH/NV Hawks Cay Property Holdings LLC, an affiliate of Behringer Harvard, owns seven parcels on Duck Key, the Herald reports. Several are smaller, “ancillary” green space properties, Russell told the Herald.
The company’s main holdings include what Russell said is the hotel (177 rooms) and the marina area on Duck Key Boulevard. The resort includes roughly 300 privately owned “villas,” one of which BH/NV owns.
The assessed value of Hawks Cay proper — the two-lot hotel and marina — is $17.7 million, the Herald reported. But the much heftier anticipated sales price would include the right to take over management of the individually owned villas from BH/NV.
Hawks Cay management didn’t say how many employees the sprawling, 60-acre property employs.
The Hawks Cay sale would follow the late-August announcement of a Keys record $184.5 million purchase, by Maryland-based LaSalle Hotel Properties, of the 260-room Southernmost Hotel Collection on the Atlantic end of Duval Street in Key West, the Herald reported. The price represented a new record for Keys hotel properties, at the equivalent of $709,615 per room.
In May, the Pier House Resort and Spa in Key West sold for $90 million, or $633,802 per room in the 140-room property. The buyer from the Cleveland-based Pier House Joint Venture was the Ashford Holiday Trust of Dallas. At the time of sale, the taxable assessed value was $21 million, the Herald reported.
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