Tuesday, August 13, 2013

Florida Keys Hotel Sold for $2.6 Million Cash

  
Atlantic Bay Resorts, 160 Sterling Road, Tavernier, FL

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.

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

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