OPC, in a partnership with a hotel development company and institutional private equity fund, acquired a 50% interest in a 2.9 acre land parcel adjacent to a deep water marina in Key West, Florida. The Property was developed as a 100 key boutique hotel catering to the high tourist demand market in Key West. Construction of the hotel commenced in the 2nd quarter of 2016 and was completed on time and on budget in May 2017.
Key West is a top 3 US Hotel RevPar driven by it's 10 month high occupancy season
Key West limits new supply based on Rate of Growth Ordinances (ROGO), which restricts growth. Since 1992, room supply growth has averaged less than 1% annually in the market
Property Competitive Set ADR - $288, Occupancy - 86% and RevPar-$247
The Perry Hotel is situated in the middle of the largest deep water marina in the Florida Keys, providing state-of-the-art floating dockage and water sports activities.
Marina amenities include: the Shrimp Road Bar & Grill, Marina Captain’s Lounge and Retail Store, distillery outlet, fitness center, community garden and dog park.