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Wednesday, August 28, 2013

Big Deal in Little Key West


 It was announced today that LaSalle Hotel Properties purchased the 260 room Southernmost Hotel Collection in Key West for $184,500,000. The four hotels are the Southernmost on the Beach, Southernmost Hotel in the USA, and LaMer and Dewey House.  The price equates to $700,000 per room key. I am only reporting this sale. I had nothing to do with the sale!

Michael D. Barnell, CEO and President of LaSalle Hotel Properties said "We are very excited to have acquired this unique, extremely well located asset." "The property is located on the ocean in one of the strongest U.S. markets..."

In May 2013 Ashford Hospitality Trust, Inc. purchased the Pier House Resort and Caribbean Spa for $90,000,000 or $634,000 per room key. 
Also interesting to note is that several large guest houses have been sold in the past year including The Cypress House, Oasis Guest House, Coconut Grove Guest House, Coral Tree Guest House, Papa's Hideaway Guest House, and Big Ruby's Guest House.  There's big money keeping heads in beds in our little town.

There are a couple of guest houses still for sale in Key West. Now is the opportune time to purchase so that you will have time to get new financing in place, do your training, and get ready to see the money flying in the doors.  If you have been thinking of buying a guest house in Key West, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com.  I am a buyers agent and a full time Realtor at Preferred Properties Key West. 



2 comments:

Anonymous said...

The Captain says:

YIKESSS!!!!!



Captain out.......................

Gary Thomas said...

The Key West Citizen ran the story about the sale of the Southernmost Hotel group in its August 30th paper. Two days late...

Just sayin.

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Gary Thomas in a Nutshell

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.