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| Atlantic Bay Resorts, 160 Sterling Road, Tavernier, FL |
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| John K. Crotty |
MIAMI, FL, Aug. 13, 2013 - Colliers International South
Florida is pleased to announce that Executive Vice President - Partner John
K. Crotty and Chairman - Founding Partner Michael T. Fay managed the
bankruptcy auction sale of a 9,027 square foot, 19-unit hotel in the Florida
Keys in a $2.6 million all cash transaction.
The property, known as Atlantic Bay Resorts, is at
160 Sterling Road, Tavernier, Florida, 33070. Colliers International South
Florida represented the seller, AD Resorts, LLC/Wells Fargo Bank.
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| Michael T. Fay |
The buyer, Marathon II, LLC, plans to continue to operate
the hotel. The investor already owns the Seafarer Resort and Beach in
nearby Key Largo.
"This
well-located property at mile marker 92.5 has 400 feet of beach access on
Florida Bay," says Crotty. "The transaction is representative of a
market trend in which properties continue to trade on the distressed side as
REO and bankruptcies," he adds.
For a complete copy of the company’s news release, please
contact:
Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138
Email: crystal.proenza@colliers.com
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