Friday, May 02, 2014

Keys Hospitality

We're noticing a spate of news about hotel properties in the Florida Keys lately.

Today we spotted a press release announcing the purchase of Parrot Key Resort in Key West by Hersha Hospitality Trust, a Philadelphia-based Real Estate Investment Trust that is traded on the New York Stock Exchange.  Hersha owns and operates high quality, upscale hotels in urban gateway markets. The Company’s 51 hotels totaling 8,120 rooms are located in New York, Boston, Philadelphia, Washington, DC, Miami and select markets on the West Coast.

The 148-room resort was purchased for $100 million dollars from its developer, Pritam Singh.

Another article in Travel Weekly  reports on changes in the Keys hotel markets as new resorts open and existing properties get refurbished and rebuilt.

Key West hotel availability has been constrained for the past two years as five hotels along South Roosevelt Boulevard, the gateway road into Key West, are demolished and rebuilt to open in the summer under new names and management.  These will restore 519 rooms to availability.  In addition, a new downtown hotel being constructed at Key West Bight by The Singh Company will also open later this year.

These openings are very likely to further tighten already-high apartment prices as the hotels staff up crews to operate them and service guests. In the upper Keys workers are already being bused in from mainland Florida between Miami and Key Largo.  No one seems sure where lower Keys workers will be found and where they will be able to afford to live.

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