NEW YORK—Northwood Investors, a privately-held global real estate investment firm, has recapitalized a collection of hotel properties in the Florida Keys in partnership with the original developer, Pritam Singh. The portfolio includes the Parrot Key Resort, Tranquility Bay Beach House Resort, and a hotel development site in Key West at the Seaport at Key West Bight. Northwood Hospitality, an affiliate of Northwood Investors, will operate the hotels for the partnership.
“Since acquiring the Cheeca Lodge in 2011, Northwood has found the Florida Keys to be a desirable long term location in which to invest,” says Jonathan Wang , managing director of Northwood Investors. “Northwood is excited at the opportunity to strengthen our presence within this market and realize these properties to their fullest potential.”
Pritam Singh remains a partner in the ownership of the hotels focusing on the development of the new 96-room hotel located at the Seaport at Key West Bight and the development of 16 new rooms at Tranquility Bay.
Parrot Key is a 148-room full-service hotel and resort in Key West situated on the Florida Bay. Its design features spacious one and two-bedroom suites, tropical sculpture gardens, four swimming pools, the outdoor Café Blue and tiki bar, a sunset pier, watersports and a private sandy beach terrace overlooking the Bay.
Tranquility Bay, located in Marathon, Florida, is a private, beachfront resort offering 87 two- and three-bedroom townhouses throughout 12 acres. Tranquility Bay offers over one thousand feet of private shoreline with 2.5 acres of beach as well as the Butterfly Café, a fine dining restaurant. Additional signature amenities include a lagoon-style family swimming pool, a private adults-only pool, a salt-water swimming lagoon, a fitness room, a sunset gazebo, Putting Greens by Nicklaus Design, private spa services and TJ’s Tiki Beach Bar .
The forthcoming 96-room luxury hotel will be located at the Seaport at Key West Bright and is anticipated to open in 2014. “We look forward to working with Pritam to make the seaport location the premier luxury hotel in Key West,” says David McCaslin, president of Northwood Hospitality. “This property will deliver the same caliber of luxury and innovation found in the New York Palace, Cheeca Lodge and Revere Hotel Boston Common. We continue to grow with each new property and it is our goal to deliver unparalleled hospitality through outstanding hotels.”
