Host Hotels & Resorts has acquired the fee simple interest in the 200-room Baker’s Cay Resort Key Largo, Curio Collection in the Florida Keys for approximately $200 million.
James Risoleo, president and CEO of Host Hotels, said, “We are pleased to announce the off-market acquisition of our first hotel in the Florida Keys, which we believe will improve the EBITDA growth profile of our portfolio. After a complete $63 million renovation and repositioning in 2019, Baker’s Cay shows like a new resort. Additionally, the Florida Keys market benefits from excellent supply-demand dynamics owing in part to strict development ordinances, which have led to the highest 2019 upper-upscale RevPAR of any market in the United States. We expect this resort to deliver over $300 of RevPAR and $69,000 of EBITDA per key in 2021, ranking eighth on both metrics in Host’s 2019 pro forma portfolio.”
Risoleo continued, “As a result of our prudent capital allocation decisions over
