UPDATED Aug. 1, 12 p.m.: A California-based real estate investment trust just paid $175 million for the recently completed Oceans Edge Hotel and Marina in the Florida Keys.
Sunstone Hotel Investors paid $1 million per room for the 175-room Stock Island resort, according to a press release. Developer Pritam Singh of Singh Co. opened the $25 million Ocean’s Edge in January.
Property records show Singh purchased the 20-acre property at 5950 Peninsular Avenue for $5 million in 2013 from BB&T Bank, which foreclosed on the Oceanside Marina.
Amenities include six pools, a marina, the Yellowfin Bar and Grill and a dog park. Each hotel room has a balcony and views of the water, according to the resort’s website.
Singh is active in the Keys, where his other projects include The Marker Resort in Key West, Parrot Key Resort in Key West, Tranquility Bay Beach House Resort in Marathon and the luxury Truman Annex residential development in Key West.
Oceans Edge Hotel and Marina is the first of two waterfront redevelopments delivered in Stock Island this year. It is joined by the $38 million, 100-room Perry Hotel Key West at Stock Island Marina. Stock Island, which is immediately east of Key West, houses a majority of Key West workers, boatyards and fish houses.
Sunstone CEO John Arabia said the REIT has sold nearly $735 million of real estate over the past 19 months. Sunstone owns 27 hotels with more than 13,000 rooms. – Amanda Rabines