Northwood Investors is seeking $300 million for the Cheeca Lodge & Spa, a well-known resort in Islamorada, according to an April 6 report. The company has hired JLL to find a buyer for the 250-room property, as reported by Bloomberg.
The potential sale of Cheeca Lodge highlights ongoing interest in luxury hospitality properties even as other parts of the industry slow down. The resort covers 27 acres at 81801 Overseas Highway and was established six decades ago by an heir to the A&P grocery fortune. Over the years, it has attracted notable guests including baseball hall-of-famer Ted Williams, actor Paul Newman, and former President George H.W. Bush. The lodge continues to host its annual “Presidential” sailfish tournament.
Northwood acquired Cheeca Lodge in 2011 and expanded it with 43 new oceanfront suites in 2024. The property also features a nine-hole golf course designed by Jack Nicklaus and promotes itself as being located in the “Sportfishing Capital of the World.” Northwood reported managing $6.5 billion in assets as of December, with holdings across major markets in both the United States and Europe.
Luxury hotels have continued to perform better than other segments within hospitality; revenue per available room rose five percent last year among luxury hotels while remaining flat elsewhere, according to CoStar Group cited by Bloomberg.
Real estate investment opportunities are limited in the Florida Keys due to development restrictions that increase demand for existing high-end properties. In January, another waterfront property—the Sugarloaf Lodge & Marina—was listed for $45 million with rights to expand from its current 31 rooms.
