Baywood Hotels buys shuttered Florida Keys resort for $10.5M

Baywood Hotels purchased the shuttered Keys Bay Colony Resort in the Florida Keys from the Peebles Corporation for $10.5 million.

Peebles purchased the 80-room hotel in 2006 for $28 million, but it eventually fell into disuse. Maryland-based Baywood Hotels is now in control of the property, which Baywood VP Chris Desai said is the company's way of breaking into the market.

There are plans for Baywood to restore the hotel and rebrand it as a Hilton, though no expansion plans are in the works.