From the South Florida Market Report: High room rates expected to continue for the forseeable future are fueling a hotel redevelopment boom in the Florida Keys.
“The dynamic for investment at this point is very, very good,” said hotelier Jim Rhyne, who is in the process of renovating and expanding his Coconut Cay Resort & Marina in Marathon.
According to projections, by the end of next year, more than a dozen Keys resorts will have either relaunched after a major renovation or opened for the first time since the start of 2014. These properties will account for about 1,600 rooms. [more]