The Real Deal Miami

Kona Kai resort in Key Largo sells for $3.15M

Owners sold after 24 years of operating hotel
By Sean Stewart-Muniz | August 20, 2015 12:45PM

The Kona Kai resort in Key Largo

The Kona Kai resort in Key Largo was recently sold for $3.15 million to a company managed by members of Miami’s medical industry.

The resort, at 97802 Overseas Highway, was sold in an off-market deal that closed late last month. Its owners wanted to keep the sale low-key to avoid disrupting the hotel’s operations or guests, according to a news release about the sale.

Kona Kai was first built in 1956 on roughly 1.6 acres of bayfront land. The resort has 11 rooms plus an owner’s suite, and its amenities range from a waterfront pool and tennis court to complimentary kayaks and dockage for small boats.

Its owners, Joe and Veronica Harris, even curated a fine art gallery at the resort with pieces from their own collection. The two had operated the resort for roughly 24 years before deciding to sell. Monroe County records show that they paid $587,500 for the property in 1991. Joe Harris declined to comment to The Real Deal.

Now, the hotel is owned by a company titled Kona Kai Resort Management Group. Its members include Ramon A. Guevara, a Homestead pediatrician, and an investment company managed by Albert Maury, the president and CEO of Leon Medical Centers Health Plans.

Kristopher G. Wagner of  Keyes Commercial Real Estate Company brokered the sale for both parties.

“The property is a very well run property and on course for the best year of performance in its history,” Wagner said in a statement. “As it turned out, the buyer was a fan of the Keys and traveled there frequently, so this purchase made great business sense.”