Key Colony Bay Resort in Marathon, Florida is Sold
Miami, FL – March 5, 2015 – (RealEstateRama) — CBRE Hotels arranged the sale of the 80-room Key Colony Bay Resort, a property located on four acres in Marathon, Florida. Baywood Hotels acquired the asset from The Peebles Corporation. This represents the eighth Florida Keys hotel sale in two years to be arranged by the Miami-based CBRE Hotels team. CBRE Hotels’ Robert Taylor and Ron Danko represented the seller.
“With RevPAR comparable to Miami Beach, the Florida Keys are a hot market with significant barriers to entry. As a result, many of the largest owner/operators, REITS and private equity funds have bid for our listings in the Keys,” said CBRE Hotels’ Mr. Taylor. “Following purchases of such assets, most buyers see an opportunity to maximize their investment with significant upgrades, repositioning, and rebranding that transforms the property into an even more attractive destination.”
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 215 dedicated hospitality professionals located in 40 offices across the globe. For more information, please visit our website at www.cbrehotels.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.