Tampa, Fla. (September 16, 2014) – The Plasencia Group is pleased to announce the sale of the DoubleTree Grand Key Resort, located in Key West, Florida. The firm represented the owner of the 215-key resort. RLJ Lodging Trust acquired the property for a purchase price of $77.0 million, or approximately $358,000 per key.
According to Dennis Reed, Senior Vice President of The Plasencia Group’s Southeast Region, “This transaction was an exceptional deal for both the buyer and seller. Strong barriers to entry coupled with year-round leisure demand make Key West an extraordinary market unlike all but a few in the United States.” Mr. Reed led the disposition assignment for The Plasencia Group.
The DoubleTree Grand Key Resort benefits from its ideal location in Key West, a tropical, supply-constrained destination. Recognized as one of the country’s premier tourist destinations, Key West has strong leisure appeal for both domestic and international visitors. The local Key West area is one of the highest RevPAR markets in the United States, and lodging fundamentals are expected to continue to improve, given the dearth of incoming supply.