Off-Market Deal

Key Largo, FL – Independent Hotel / Redevelopment Opportunity. 50-key exterior corridor hotel w/ restaurant & bar (5COP liquor license) with 23,092 SF building on 49,500 SF lot. Unit mix includes 12 two-room suites (ADR ~$250) and 38 standard king rooms (ADR ~$199). Amenities include resort-style outdoor pool. Current performance approx. 40% avg occupancy with ~$900K NOI. Sale includes 50 transient rental licenses (TDRs) which can be transferred or sold separately. Existing air rights & licenses also allow redevelopment into a new 50-key waterfront hotel elsewhere in Monroe County, creating additional monetization while converting the existing site to alternative use such as affordable housing. (total value +20M) Normal sale ownership retiring. Asking: $15.5M, negotiable.