MIAMI, FL – HFF announced today that it has closed the sale of the Cheeca Lodge & Spa (top left photo), a landmark luxury destination resort in the Florida Keys.
The property is AAA four diamond-rated and has been ranked as one of Travel & Leisure’s “500 Greatest Hotels in the World”.
HFF marketed the property on behalf of the seller, Cheeca Holdings, LLC. Northwood Investors purchased Cheeca Lodge & Spa free of brand or management encumbrances.
Cheeca Lodge is “one of the country’s most recognized resorts” situated on 27 acres with more than 1,200 linear feet of beachfront in Islamorada. Originally developed in 1946, the property was extensively renovated between 2003 and 2010, and the main lodge building was completely rebuilt in 2009.
The luxury resort includes 214 units, a mix of hotel rooms and third-party owned condominiums, 5,439 square feet of function space, a Jack Nicklaus-designed nine-hole golf course, two swimming pools, a 5,500-square-foot spa, six tennis courts, and a fishing/mooring pier.
The HFF team representing Cheeca Holdings, LLC was led by executive managing director Manny de Zárraga (top right photo) and senior managing director Dan Peek (lower left photo).
“During its ownership period, Cheeca Holdings, LLC, under the directions of its owner, Jerry Johnson, redeveloped the famed Cheeca Lodge to world-class trophy status with a state-of-the-art lodge building and extensive capital improvements,” stated de Zárraga.
“The sale of the Cheeca Lodge highlights the appeal of irreplaceable resort lodging properties in high barrier-to-entry markets for top tier institutional investors such as Northwood Investors,” added Peek.
Northwood Investors is a privately-held global real estate investment firm with more than $2 billion of real estate assets. Founded in 2006 by John Z. Kukral, Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook. Northwood has extensive experience investing in a wide range of real estate assets worldwide over multiple cycles providing the firm with a deep knowledge base, strong relationships, and unparalleled access to global real estate resources..
Contacts:
Manuel A. de Zarraga, HFF Executive Managing Director, (305) 448-1333 mdezarraga@hfflp.com
Daniel C. Peek, HFF Senior Managing Director, (813) 870-1001
dpeek@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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