Braemar To Sell Key West Hotel For $190M: The South Florida Deal Sheet
Braemar Hotels & Resorts is letting go of an upscale Key West resort for nearly $100M more than what it spent on the property more than 10 years ago.
Braemar, through affiliates Ashford Pier House LP and Ashford TRS Pier House LLC, entered into an agreement with Last Mango Owner LLC to sell the Pier House Resort & Spa for $190M, according to filings with the Securities and Exchange Commission.
Braemar, which was spun out of Ashford Hospitality Trust, purchased the resort in 2014 for $93M, or $653K per key, following a $12M renovation, according to a release.
It isn't immediately clear who manages the buyer entity.
The now-142-key hotel was originally built in 1967 as a 50-room motel, according to its website. Room rates range between $281 and $391 a night, according to Travel Weekly.
The agreement follows Bass Pro Shops' $300M deal to acquire Cheeca Lodge & Spa in the Florida Keys' Islamorada.
Braemar's sale is part of a controversial initiative to sell assets to cover a $480M breakup fee with its manager, Ashford Inc. The company has also agreed to sell the Park Hyatt Beaver Creek Resort & Spa in Colorado for $176M and three other luxury properties, including the Ritz-Carlton Sarasota, for a combined $437.5M.
SALES
An entity tracing to Walton Street Capital and Scarp Ridge Capital Partners sold a 136-unit senior living facility in Wellington to an affiliate of Health Wave Partners for $30M, according to property records provided by Vizzda and a release.
Synovous Bank provided a $29M acquisition loan for the deal.
Alamar Senior Living occupies a two-story building at 8785 Lake Worth Road totaling 131K SF. Built in 2018, it was purchased by Walton Street Capital in 2024 for $23M, according to property records.
JLL’s National Seniors Housing Capital Markets team marketed the property on behalf of Walton and Scarp. The facility offers 105 assisted living and 29 memory care units that are 96% occupied.
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An entity managed by Steven Olszewski sold just over one acre in South Miami to AvalonBay Communities for $22M, according to property records provided by Vizzda.
The site, which has existing buildings slated for demolition, has proposals for a 16-story mixed-use building with 254 apartments and 18K SF of commercial space.
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An affiliate of hotelier Urbanica Management purchased a 41-unit apartment building in North Bay Village for $21M, according to property records provided by Vizzda.
An entity managed by Danilo Damolin sold the site at 7915 E. Drive after purchasing it for $3.6M in 2008, according to property records.
The three-story building, dubbed Bayview Villages, was built in 1959.
FINANCING
Affinus Capital and Axonic Capital provided a $42M loan to finance two self-storage facilities, according to a release.
UTEX Storage Partners landed the financing for a new, four-story facility with 1,097 units in Pembroke Pines and to expand a 540-unit Coral Gables property to 1,500 storage units.
Greysteel’s Daniel Hartnett arranged the financing.
LEASES
Redhead Burger opened a new location at Doral Place 87, a retail plaza owned by Myriam Goldsmith, Mickey Finkle and Hector Duer.
Redhead leased 2,500 SF, joining tenants including Dunkin’, Omakai, Artaco and Yoga Joint, according to a property brochure. Goldsmith, Finkle and Duer built Doral Place 87 at 5635 NW 87th Ave. in 2022.
This is the second Miami location for the family-owned burger joint, which launched its business in Miami Beach in 2019.
CONSTRUCTION AND DEVELOPMENT
Houston multifamily developer Morgan and Dallas-based investment firm Compatriot Capital broke ground on the Pearl on the River apartments in Deerfield Beach, according to a release.
The joint venture is building 320 apartments on a waterfront site at 451 NE River Drive across the Hillsboro River from Boca Raton. The project will include studio, one-, two- and three-bedroom units. Planned amenities include a grill area, dog park, car wash and resident-only marina with 13 boat slips.
The project is expected to open by the summer of 2028.
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LD&D and IGEQ, with capital partner FrontRange Capital Partners, began construction on a hotel and apartment project in West Palm Beach, according to a release.
The developers started work on Alida Residences, a 181-unit, 21-story apartment building alongside a 10-story, 112-key hotel that will be a part of Marriott’s Tribute Portfolio flag.
The site at 506 Datura St. was assembled in 2019 for more than $8M, the South Florida Business Journal reported. Although the developers have yet to secure a construction loan, they expect to complete the buildings by 2028.
PEOPLE
Miami-based Mass Construction tapped Jessica Acosta-Rubio as vice president of strategy, according to a release.
Acosta-Rubio will lead business development initiatives with developers, property owners, architects, interior designers, hospitality brands and other commercial real estate professionals.
She brings more than 15 years of experience in different areas of the commercial real estate industry, including design, construction, hospitality and marketing.
She joins Mass after spending five years at Venn, a multifamily operating system, where she served as director of implementation, according to her LinkedIn profile. She also served as senior project manager for hospitality brand Selina.
