Host Hotels & Resorts, a US-based real estate investment trust, has acquired Baker’s Cay Resort Key Largo, Curio Collection for a cash consideration of nearly $200m.
Spread across 13 acres of beachfront land on Key Largo’s Gulf Coast, the 200-room property is said to offer all the benefits of a Florida Keys resort.
Host Hotels & Resorts president and CEO James Risoleo said: “We are pleased to announce the off-market acquisition of our first hotel in the Florida Keys which we believe will improve the EBITDA growth profile of our portfolio.
“After a complete $63m renovation and repositioning in 2019, Baker’s Cay shows like a new resort.
“Additionally, the Florida Keys market benefits from excellent supply-demand dynamics owing in part to strict development ordinances which have led to the highest 2019 upper-upscale RevPAR of any market in the US.”
Located 65 miles from Miami International Airport, Host Hotels & Resorts’ newly acquired property features a 26,000ft2 meeting space, as well as a 6,900ft2 event lawn and four food and beverage outlets.
Other amenities at the property include a swimmable private beach, spa, salon, dock, fitness centre, and two outdoor pools.
Risoleo further said: “As a result of our prudent capital allocation decisions over the past few years, our strong balance sheet, and our deep relationships in the industry, we were able to acquire another off-market, high-quality hotel in the sunbelt.”
In March this year, Host Hotels & Resorts acquired absolute ownership of Hyatt Regency Austin in Texas for approximately $161m in cash.
Under a long-term management agreement, Hyatt will carry on managing the 448-room hotel.
The 670,000ft2 waterfront property is situated on nearly six acres along Lady Bird Lake and near the city’s South Congress District. It is located in close proximity to the Austin Convention Center, Congress Ave Bridge and Zilker Park.