The Real Deal Miami

Florida Keys make way through recession

March 07, 2011 10:29AM

The Keys have proven resilient during the recession, managing to weather
the BP oil spill that scared off tourists and even ongoing sewer work
on US 1. “We’re here, but it has been a struggle,” said Linda Adams, who
owns the Rock Reef Resort in Key Largo with her husband. Occupancy
rates were just around 61.9 percent last year, nearly the same number as
in 2007; but room rates have fallen nearly $40 per night to an average
of $158.35. Outside of Key West there are 14 small hotels for sale.
“Some are distressed and some are not,” said Brian Schmitt, a broker
with Coldwell Banker Schmitt, a real estate company. “Some owners want
to sell them for personal reasons.” [Miami