LaSalle Hotel Properties has acquired the Southernmost Hotel Collection in Key West, Florida, for $184.5 million. The collection consists of the Southernmost on the Beach, Southernmost Hotel in the USA, and La Mer Hotel & Dewey House.
Situated on the Atlantic Ocean, the hotel is located on the southern end of Duval Street⎯⎯which runs through Key West’s historic district. The 260-room hotel features 3,128 square feet of meeting space and 2,488 square feet of outdoor space.
Totaling six guestroom buildings, Southernmost on the Beach’s two original buildings were remodeled in 2010 and 2011, and four additional buildings were constructed in 2008. Recent upgrades include the construction of the private beach and garden areas, renovation of the pool, construction of Shores Bar, a new fitness area, and renovation and expansion of the lobby.
The Southernmost Hotel in the USA includes six guestroom buildings⎯⎯all of which have undergone periodic renovations, with the most recent renovation taking place in 2011 and 2012. Recent overhauls also include the construction of a new pool and renovation of an existing pool area, construction of Pineapple Bar, and expansion of the lobby.
At La Mer Hotel & Dewey House, both Victorian Houses feature a bed and breakfast ambiance and were built around the turn of the 20th century. The Dewey House was converted to its current use in 1995, and La Mer Hotel was converted in 1985 and fully remodeled in 2003.
“We are very excited to have acquired this unique, extremely well located asset,” says Michael D. Barnello, president and CEO of LaSalle Hotel Properties. “The property is located on the ocean in one of the strongest U.S. markets and features an attractive variety of amenities and offerings. Furthermore, the asset is in excellent condition with more than $50,000 per key invested in renovations and construction over the last three years.”
