Trophy-fishing season is open in the Florida Keys, with Northwood Investors casting a $300 million line for the famed Cheeca Lodge & Spa in Islamorada.
Northwood, led by former Blackstone titan John Kukral, tapped JLL to reel in a buyer for the 250-room resort, Bloomberg reported, citing anonymous sources.
Cheeca Lodge, at 81801 Overseas Highway, spans 27 acres. It was founded 60 years ago by an heir to the A&P grocery fortune, and it became a vacation magnet for cultural icons of the mid-20th Century, such as baseball hall-of-famer Ted Williams and movie star Paul Newman. It was famously the retreat of former President George H.W. Bush, whose namesake bonefish tournament ran from 1994 to 2003. The resort still runs an annual “Presidential” sailfish tournament.
The property, which Northwood acquired in 2011 for an undisclosed price, has a nine-hole golf course designed by Jack Nicklaus and is known as the “Sportfishing Capital of the World.”
Denver-based Northwood added 43 oceanfront suites to the resort in 2024.
The offering highlights a hospitality market where the wealthy are still spending even as the broader industry cools and luxury hotels outperform the rest of the industry. Revenue per available room increased 5 percent last year among luxury hotels, while the metric was flat for the broader market, the outlet said, citing CoStar Group.
Northwood reported $6.5 billion in assets under management in December. Its diversified commercial real estate portfolio spans major markets in the U.S. and Europe.
The barrier to entry for real estate investment in the Florida Keys is high, and laws limiting development put a premium on existing luxury properties.
The Sugarloaf Lodge & Marina in the Florida Keys hit the market for $45 million in January. The 10.6-acre waterfront resort has 31 rooms, a restaurant and a tiki bar, with vested rights to add 24 more hotel keys. Once a celebrity haunt, the property has been managed by the Good family since 1973.
