ISLAMORADA, Florida—The 214-room Cheeca Lodge & Spa in the Florida Keys was acquired for approximately US$102 million, or US$476,635 per room, by Northwood Investors LLC.
The property was sold by Cheeca Holdings LLC, according to the Monroe County (Florida) property appraiser’s office.
The hotel went to market after reopening in 2009 following a fire that gutted the property and caused it to close for 11 months, according to Florida attorney Andrew Mann who represented Cheeca Holdings in the deal. Included in the US$102-million price tag are the resort property and other assets, including personal property and rental management contracts.
Valuation on the property has skyrocketed through the years. Property records show the hotel was sold in 1983 for US$4 million, then in 1997 for US$20.72 million, and lastly, in 2003 for US$32.78 million before the most recent US$102-million deal.
Northwood financed with a US$65-million loan, Mann said via email.
The 2010 total taxable value for the property is US$6,076,551, approximately half the US$12,971,285 in 2009. Total assessed value in 2010 is US$6,076,551, down from US$6,600,000 two years ago.
Contact:
Northwood Investors
Managing director Vivian Tongalson
Phone: 212-573-0815