Transaction is Latest in Streak of Successes in Florida for the Lodging Investment Advisory Firm
Tampa, Fla. (January 25, 2022) – The Plasencia Group, a leading lodging investment advisory and consulting firm, advised a private family in the sale of Parmer’s Resort to TPG Hotels, Resorts and Marinas. The independently-branded resort is situated on Little Torch Key and is ideally located in one of the world’s premier lodging destinations, the lower Florida Keys. The resort features 35 rentable units spread across several buildings in a cottage-style campus, and the new owners also have the ability to develop additional units utilizing imbedded density rights. Guests of Parmer’s Resort enjoy access to boat slips, an event lawn, private beach, swimming pool, and myriad other amenities.
The Plasencia Group’s Tampa office facilitated the transaction, which is one of the latest in The Plasencia Group’s recent history of successful client engagements in Florida. The company’s principals have facilitated the sale and financing of more than 1,600 rooms across the Sunshine State’s most active lodging markets in the last year, at an average per-key value of nearly $350,000.
“Parmer’s Resort is a little slice of heaven, a peaceful, waterfront oasis with a private beach just 30 minutes from Key West,” commented Nick Plasencia, Managing Director of The Plasencia Group. “We’re grateful for the Muller family’s trust in representing them and have no doubt that new ownership will be successful in imparting their vision on this seaside gem.”
The Florida Keys are a global vacation destination, attracting visitors with their diverse natural attractions, temperate tropical climate, and unique, laid-back atmosphere. This special combination of factors, combined with a scarcity of buildable land and a cap on additional hotel development, has propelled the Florida Keys’ lodging market to unparalleled heights. The Florida Keys significantly outperformed the rest of the country in Revenue Per Available Room (“RevPAR”) throughout 2021. Its RevPAR in excess of $300 more than doubled that of Miami, highest among STR’s Top 25 markets, and more than quadrupled that of the United States.
The Plasencia Group has advised on the transaction, asset management, renovation, development and refinancing of numerous hotels and resorts in Florida and across the country over the last year. Over its three decades in business, the firm has facilitated and structured hundreds of significant capital events for institutional and independent owners of hospitality assets across North America.