Key International, a real estate development and investment firm, has completed the purchase of The Perry Hotel on the waterfront in Key West, FL, as part of an expansion of its $2-billion portfolio.
“The addition of The Perry Hotel speaks to our vision to bring together quality brands and memorable experiences with our excellent customer service,” said Michael Vassilaros, chief investment officer, Key International. “As an investment, The Perry Hotel purchase continues to build on our strategy of identifying and adding properties with great brand recognition.”
The acquisition of The Perry Hotel comes on the heels of the completion of two new ground-up developments in Florida: the 255-key Embassy Suites by Hilton Panama City Beach Resort adjacent to Pier Park and the 156-key SpringHill Suites by Marriott in Jacksonville Beach.
Paul Weimer, Christian Charre, Andrew Pastorino and Jennifer Jin with CBRE Hotels in Miami, alongside Julie Fisher Berry and Sheila Roux with the CBRE Marina Investments team in Fort Lauderdale, represented the sellers, SIMV Hotel 1 LLC and Longstock II LLC, in the transaction.
“The purchase of The Perry Hotel is a milestone for Key International that sets the stage for continued quality growth over the next 12 months,” said Shawn Gracey, EVP, hospitality, Key International.
The Perry Hotel has 100 rooms with views of the marina, two outdoor pools that overlook the waterfront and two restaurants. The hotel sits four miles east of downtown Key West on Stock Island, which is also home to the Key West Golf Course and within proximity of the Florida Keys National Marine Sanctuary and the Vandeberg wreck dive.
Key International selected EOS Hospitality, a full-service hotel management company that specializes in operating luxury urban hotels and beach resorts in drive-to destinations, to manage the hotel.
“The resort generated strong investor interest because of its location at the gateway to Key West, which is the strongest hotel market in the U.S.,” said Weimer. “CBRE Hotels worked with the CBRE Marina & Shipyards Investments team to identify qualified buyers that would purchase the entire property, which also included the largest marina in the Florida Keys, and build on the legacy created by the owners.”
Within the same community, adjacent to The Perry Hotel, is The Perry Marina which was simultaneously acquired in a separate venture by Integra Marinas, a subsidiary of Miami-based Integra Investments; the 288-slip marina will be operated independently.