Hotel Business Magazine, | The Newspaper For Lodging Decision Makers

Hersha Hospitality Trust Acquires Parrot Key Resort for $100M

Monday May 19th, 2014 - 10:13AM

Hersha Hospitality Trust recently acquired the Parrot Key Resort in Key West, FL, for $100 million.

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.