CBRE closes sale of two Islamorada resort/marina properties

CBRE Hotels arranged the sale of two beachfront resort and marina properties in Islamorada, Fla., bringing to seven the number of hotel and resort transactions closed by CBRE in the Florida Keys in the past 18 months. Both the 12-acre Postcard Inn Beach Resort & Marina at Holiday Isle, Fla., located at 84001 Overseas Highway, and the 15-acre La Siesta Resort & Marina, located at 80241 Overseas Highway, were acquired by an undisclosed buyer.

Minutes from Key Largo, the oceanfront Postcard Inn Beach Resort & Marina at Holiday Isle includes 1,200 linear feet of ocean frontage with two private beaches, seven buildings, 151 units (many with kitchens) and a 57-slip marina. Formerly the Holiday Isle Beach Resort, the property was rebranded following completion of a $12-million renovation in 2013. 

The La Siesta Resort & Marina is an all-suite property on two parcels straddling Overseas Highway with Atlantic Ocean and Florida Bay access. It offers an opportunity to convert 55 units into resort-style residences for sale, while maintaining existing structures and reducing redevelopment costs. The property’s two marinas have 27 slips on the ocean side and an additional 30 slips with a two-story yacht club and 70-slip dry dock facility less than a mile away on the bay side.

The Miami-based CBRE Hotels team that arranged the transactions included Taylor, Ron Danko, Bradley Burwell and Zoe Martineau, collaborating with Robert Given and Gerard Yetming of CBRE’s Capital Markets, Multifamily team.