Key West's Ibis Bay Beach Resort put up for sale

Photo credit: Ibis Bay Beach Resort (Co-owners Chris Holland and Tony Osborn are looking for new entrepreneurs to take over the property, which opened in 1956.)

The Ibis Bay Beach Resort in Key West, Fla., is being put up for sale by co-owners Chris Holland and Tony Osborn. Holland and Osborne said in a release that they are stepping aside to allow another entrepreneur to fully develop the property.

“Tony and I are incredibly proud of what we have achieved since we purchased the property in 2004,” Holland said in a statement. “We believe that the visual impact of being the first waterfront hotel and restaurant everyone sees as they drive into Key West has been a major factor in the success of all the businesses on the site.”

“The current Ibis Bay Beach Resort only touches upon the potential return on investment the site offers the next owner," Osborn said in a statement. "We are currently only built out 22,000 square feet, leaving another 109,000 square feet of water view space available to be developed. What’s more, our sunrise and sunset views across two harbors are unique in Key West.”

The Ibis Bay Beach Resort is the last remaining waterfront hospitality development site in Key West. The property includes five acres directly on the water, 81 rooms and suites, a 16-slip marina, a 150-seat restaurant, a seafood market and a package store. The site is approved for four-story (45 foot) height buildings.

Holland and Osborn said the resort and all of its businesses will continue to operate as normal pending the sale of the property.

Ibis Bay Beach Resort opened in Key West in 1956. The property makes use of historic Key West architecture and design, 600 feet of private beach, two floating swim platforms, a 20-foot poolside movie screen for outdoor movie nights and The Stoned Crab restaurant.