The Florida Keys resort that recently traded hands between real estate heavyweight Peebles Corporation and Baywood Hotels was purchased for $10.5 million, according to Monroe County property records.
Peebles had purchased the 80-room hotel in 2006 for $28 million, but it eventually fell into disuse.
Don Peebles told Forbes in 2008 that he overpaid for the land at 13351 Overseas Highway.
Now, the future of the Keys Bay Colony Resort will be determined by a Maryland-based hotel company.
Baywood Vice President Chris Desai told KeysNet that the company had been looking at the Keys for years and jumped on the opportunity to buy a chunk of land.
He told the publication that the hotel will be restored and branded as a Hilton, but there are no plans to make the hotel any bigger.