Georgia developer acquires Islamorada Days Inn for $8.8M

$2 million renovation and rebranding planned

Miami /
Aug.August 07, 2017 04:00 PM

Atlanta-based developer Songy Highroads and partner the Wardman Group of Washington, D.C., purchased their second oceanfront Islamorada hotel this summer, paying a combined $16 million.

The companies closed on the 37-room Days Inn & Suites Key on Islamorada’s Upper Matecumbe Key on July 27 for $8.8 million. They bought Harbor Lights on Windley Key, also a 37-room property, for $7.3 million on June 2, records show.

The financial services firm Berkadia secured $13.85 million in loans on behalf of Wardman and Songy Highroads from First National Bank of Miami. The developers used a $7.05 million loan to finance the Days Inn purchase and a $6.8 million loan for the acquisition of Harbor Lights, according to a release. 

Songy Highroads plans to renovate and rebrand both properties.

Harbor Lights, 84951 Overseas Highway, has 625 feet of oceanfront, as well as a swimming pool. The developers said they will spend about $3 million to renovate all guest rooms and the lobby, and to overhaul the property’s landscaping. Songy Highroads intends to turn the two-star property into a three-star one. The site will be rebranded as Fisher Inn.

The developer also intends to upgrade Days Inn, at 82749 Overseas Highway, two stars to three. Plans call for a $2 million renovation that will include updates to guest rooms and landscaping, according to a separate release. Songy Highroads didn’t say what how the Days Inn will be rebranded.

Aimbridge Hospitality will manage both properties.

Under growth regulations imposed by the state of Florida, the number of hotel and motel rooms are capped in Monroe County and Keys municipalities. Songy Highroads COO Todd Nocerni said those strict regulations helped make Harbor Lights and Days Inn strong investments.

“Due to the popularity of the tourism in the area and local ordinances restricting the construction of new hotels, the Florida Keys have the highest [revenue per available room] in the country behind New York City,” he said in a statement. 

The room caps are imposed by the state to protect the Keys’ fragile environment and to facilitate hurricane evacuations.


Related Articles

arrow_forward_ios
86800 Overseas Highway, Islamorada (Google Maps, iStock)

Islamorada closes administrative building due to Covid-19

Islamorada closes administrative building due to Covid-19
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)

Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure

Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)

South Florida’s biggest real estate stories of 2020

South Florida’s biggest real estate stories of 2020
Shelborne South Beach and Seagull Hotel (Shelborne, Google Maps)

Here are South Florida’s biggest hotel sales in 2020

Here are South Florida’s biggest hotel sales in 2020
The Gale Hotel with Harvey Hernandez

Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez

Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Curtis Skomp and Anthony Askowitz with 98800 Overseas Highway, Key Largo and 410 Caroline Street, Key West (RE/MAX)

RE/MAX Advance Realty acquires Florida Keys brokerage

RE/MAX Advance Realty acquires Florida Keys brokerage
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)

Former actor sells Miami Gardens hotel for $6M

Former actor sells Miami Gardens hotel for $6M
Paul Lardi and 200-212 Collins Avenue (Linkedin, Alex Zylberglait/Marcus & Millichap)

South Beach property sells for $6M, buyer plans apartment-hotel

South Beach property sells for $6M, buyer plans apartment-hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...