Last Mango Owner LLC Purchases Pier House Resort & Spa From Richard Stockton For $190 Million

The property asset involved in this transaction is the Pier House Resort & Spa, a 142-key hotel located at 1 Duval Street in Key West, Florida. The transaction was valued at $190 million, reflecting a price per key of approximately $1,338,028. The asset is situated in a prominent market known for its tourism and hospitality industry.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $190,000,000
• Buyer: Last Mango Owner LLC
• Seller: Richard Stockton - Braemar Hotels & Resorts
• Keys: 142
• Price per Key: $1,338,028
• Date of Transaction: 07/20/2026
• Market: Key West, FL

This transaction involved Braemar Hotels & Resorts, which is divesting the property as part of a broader asset disposition strategy. The funds from this sale are intended to contribute towards a $480 million breakup fee associated with its separation from the manager, Ashford Inc.