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31 84951 Overseas Hwy, Isl...

Updated Oct 29, 2024

TWG Overseas, LLC Acquires Harbor Lights Resort In Islamorada For $7M
SOLDHotel

TWG Overseas, LLC Acquires Harbor Lights Resort In Islamorada For $7M

31 84951 Overseas Hwy, Islamorada...

$7,000,000

Units

37

Asset Type

Hotel

Closing

Jun 13, 2017

About this deal

AI

Harbor Lights Resort, a 37-unit oceanfront hotel in Islamorada, located at 84951 Overseas Highway on Windley Key, has been sold for $7 million. The property was purchased by TWG Overseas, LLC from Holiday Isle Resort & Marina Associates. The buyer, a joint venture involving Songy Highroads from Atlanta and the Wardman Group from Washington, D.C., plans to renovate the hotel. The sale was facilitated by CBRE's Natalie Castillo.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $7,000,000.00
  • Market: Islamorada
  • Seller's Rep: Natalie Castillo (CBRE)
  • Buyer: TWG Overseas, LLC
  • Mortgage Provider: First National Bank of South Miami
  • Buyer's Representatives: David Songy, Todd Nocerini, and Thad Paul

The buyers, a collaboration between Songy Highroads and the Wardman Group, with TWG Overseas, aim to enhance the hotel's offerings without an immediate redevelopment plan. This transaction was made possible by the efforts of CBRE's Paul Weimer, Christian Charre, Natalie Castillo, and Jennifer Jin. Weimer highlighted the rarity of acquiring waterfront property in Islamorada and expressed the buyers' intention to update and operate the hotel.

On the Map

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$7,000,000

Hotel

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Players

Natalie Castillo

CBRE

Broker

$343.5M

vol

6 deals

Broker
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Islamorada Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.27%

Cash-on-Cash

-0.65%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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