Northwood Investors Expands Florida Keys Portfolio With Investment In Three Hotels Northwood and Pritam Singh Partner to Recapitalize Florida Keys Hotels
NEW YORK, Jan. 14, 2013 /PRNewswire/ -- Northwood Investors, a leading 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. "Northwood's experience and expertise in hotel operations will help to strengthen the hotels' positioning in the market while maintaining the integrity of the resorts," says Singh.
Bob Bauersachs will continue in his role as General Manager of both Parrot Key and Tranquility Bay where he has been instrumental in delivering a superior level of hospitality that is on brand with Northwood's vision.
Parrot Key is a 148-room full-service hotel and resort in Key West situated on the Florida Bay, offering a secluded getaway only minutes from the renowned Old Town Key West historic district. Canvassing five acres of meticulous landscaping, Parrot Key's unique 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 verdant acres. Tranquility Bay boasts over one thousand feet of private shoreline with 2.5 acres of white sandy beach as well as the award-winning 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."
Northwood, a $2.8 billion dollar fund, continues to look to invest in strategic, high quality properties within the real estate market. "We continue to focus on strong markets and high quality real estate and have the flexibility to structure our investments in a way most advantageous to all parties," says Wang. "We are excited about the future for these assets and continued investment in the Keys."
About Northwood Investors
Northwood Investors is a leading privately-held global real estate investment firm with over $2 billion of real estate assets. Founded in 2006 by John Z. Kukral, Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook. Northwood has extensive experience investing in a wide range of real estate assets worldwide, including office buildings, shopping centers, hotels and residential investments, over multiple cycles and property types and geographies, providing the firm with a deep knowledge base, strong relationships, and tremendous access to global real estate resources.
Northwood Investors has a growing hotel portfolio that includes the New York Palace Hotel, Revere Hotel Boston Common and Cheeca Lodge and Spa in Islamorada, Florida.
About Pritam Singh
Pritam Singh is the Florida Keys' preeminent developer who has been responsible for the development of large-scale residential, resort and hotel projects in the Florida Keys worth over one billion dollars including Parrot Key, Tranquility Bay, The Village at Hawk's Cay, The Key West Golf Club and The Truman Annex.
SOURCE Northwood Investors