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Robust market fundamentals draw investors to Florida’s southernmost market
MIAMI, May 19, 2014 – While the resurgence of resorts may be one factor behind growing interest in the Florida Keys’ lodging market, high yields also have investors pursuing hotel property opportunities. On behalf of Northwood Investors, LLC, JLL’s Hotels & Hospitality Group today announced the sale of Parrot Key Resort, located in Key West. Hersha Hospitality Trust purchased the asset for $100 million.
Managing Director Gregory Rumpel and Vice President Carolina Lacerda led the JLL team on the transaction.
“The Florida Keys is a market that investors are very excited about and we’re seeing a spike in competition to place capital and secure hotel assets,” said Rumpel. “The market’s revenue per available room (RevPAR) has increased 16.5 percent during the past year and we expect this upward trend to continue.”Parrot Key Resort is located across five acres of waterfront property and 75 percent of rooms offer direct access to the beach and water views. The property contains 148-keys that feature one- and two-bedroom suites, offering some of the largest rooms in Key West. Amenities include restaurant and tiki bar Café Blue, four private swimming pools, a fitness center, waterfront sun-bathing terraces and water sport rentals including kayaks, paddle boards and jet skis.
JLL’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s 300 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totalling nearly US $36 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s iPhone app or iPad app from the App Store.
About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com.
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