Peebles Corporation just sold a resort in the Keys to a Maryland-based hotel brand.
Baywood Hotels, which owns four hotels in South Florida, purchased the 80-room Key Colony Bay Resort. The purchase was for an undisclosed amount, and an accurate price could not be confirmed by either the buyer or the seller.
The oceanfront resort, which sold on March 2, is no longer operating, a Peebles spokesperson told The Real Deal.
Robert Taylor and Ron Danko of CBRE Hotels brokered the deal for the seller.
Peebles paid $28 million for the 4.4-acre property at 13351 Overseas Highway in Marathon in 2007. The company purchased the property from Marathon Hotel Partners, according to Monroe County property records.
Marathon Hotel Partners, which is inactive in Florida state records, is managed by hotel owner and investor Alan Kanders. Kanders is the founder and principal of New York-based firm Three Wall Capital.