Baker's Cay sells for $200M : vimarsana.com

Baker's Cay sells for $200M


The nation’s largest lodging investment trust has purchased Baker’s Cay Resort for $200 million.
Host Hotels and Resorts Inc. owns 78 properties in the United States and five internationally for a total of approximately 47,499 rooms. The company also holds non-controlling interests in six domestic and one international joint ventures.
The 200-room Baker’s Cay, located at mile marker 97 in Key Largo, is the company’s first hotel in the Florida Keys.
“After a complete $63 million renovation and repositioning in 2019, Baker’s Cay shows like a new resort,” said James F. Risoleo, president and CEO of Host Hotels and Resorts. “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-scale RevPAR (revenue per available room) of any market in the U.S.”

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