Hersha Hospitality Trust Acquires Parrot Key Resort for $100M
Monday May 19th, 2014 - 10:13AM EH
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KEY WEST, FL—Hersha Hospitality Trust acquired Parrot Key Resort here for $100 million from Northwood Investors, LLC.
JLL’s Hotels & Hospitality Group, led by Managing Director Gregory Rumpel and VP Carolina Lacerda, handled the transaction.
“The Florida Keys is a market that investors are very excited about and we’re seeing a spike in competition to place capital and secure hotel assets,” stated Rumpel. “The market’s revenue per available room (RevPAR) has increased 16.5% during the past year and we expect this upward trend to continue.”
Parrot Key Resort is located across five acres of waterfront property and 75% of rooms offer direct access to the beach and water views. The property contains 148 keys that feature one- and two-bedroom suites. Amenities include restaurant and tiki bar Café Blue, four private swimming pools, a fitness center, waterfront sun-bathing terraces and water-sport rentals, including kayaks, paddle boards and jet skis.
Tags: Hersha Hospitality Trust • Parrot Key Resort • JLL • Northwood Investors LLC • Hospitality • Acquisitions • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.