Procaccianti Companies Expands Upscale Boutique Hotel Collection With Acquisition Of Three Florida Keys Properties
PROVIDENCE, RI–Procaccianti Companies, one of the nation’s premier real estate investment and services firms, today announced the acquisitions of three independent resort properties located in the Florida Keys; Parmer’s Resort & Marina located on Little Torch Key and the Hadley House and Fisher Inn both located on Islamorada, Florida. The properties will be managed by Procaccianti’s hospitality management affiliate, TPG Hotels, Resorts & Marinas.
“The acquisition of these properties in the Florida Keys aligns perfectly with our strategic growth plan in the upscale boutique, independent, and marina space,” states Rob Leven, chief investment officer of Procaccianti Companies. “The Florida Keys are among the top-performing leisure markets in the United States with tremendously high barriers to entry which make them strong real estate investment opportunities.”
The Fisher Inn Resort & Marina features 37 vibrant guestrooms, of which 15 were newly constructed in 2020. The property also features an outdoor pool and a marina, providing guests easy access to the Atlantic Ocean and world-renowned fishing. Similarly, the Hadley House is home to 37 spacious guestrooms, a marina, and an outdoor pool. The acquisition also includes an additional residential parcel for future development.
Parmer’s Resort & Marina on Little Torch Key lets guests experience the laid-back lifestyle that made ‘the Keys’ the best-kept secret for decades. A unique collection of cottages, suites, efficiency studios, and rooms spread over five acres, near the end of a quiet, residential street, in between a protected canal and the open water of Pine Channel in the Lower Florida Keys. Parmer’s Resort is less than 25 miles from Key West but close to the beaches of Bahia Honda State Park, the diving at Looe Key Reef and backcountry, reef, and deep-water fishing.
“With their built-in demand drivers, combined with our institutional management platform, we see exceptional opportunities for revenue growth and value creation as business and leisure travel further stabilizes in the wake of the pandemic,” states Mike Marshall, president and chief executive officer of TPG Hotels, Resorts & Marinas.