Cheeca Lodge Listed for $300M by Northwood Investors
Northwood Investors has put the iconic Cheeca Lodge & Spa in Islamorada on the market for $300 million. The 250-room Florida Keys resort spans 27 acres and carries six decades of hospitality history.
Northwood Investors has engaged JLL to market the legendary Cheeca Lodge & Spa in the Florida Keys for $300 million, according to Bloomberg sources familiar with the transaction.
The 250-room luxury resort sits on 27 acres at 81801 Overseas Highway in Islamorada, positioning it as one of the most substantial hospitality assets currently available in South Florida's resort market. Northwood, under the leadership of former Blackstone executive John Kukral, acquired the property as part of its hospitality investment strategy.
Cheeca Lodge carries significant historical cachet, having been established six decades ago by an heir to the A&P grocery chain fortune. The resort became a favored retreat for prominent figures during the mid-20th century, including baseball Hall of Fame legend Ted Williams and acclaimed actor Paul Newman.
The asking price reflects the premium valuations commanding trophy resort properties in the Florida Keys, where development opportunities remain constrained by geography and environmental regulations. At $1.2 million per room, the pricing aligns with luxury resort transactions in premier coastal markets across Florida.
Northwood Investors has built a substantial portfolio of hospitality assets since Kukral's departure from Blackstone, where he previously oversaw major real estate investments. The firm's decision to market Cheeca Lodge comes amid robust demand for leisure travel destinations, particularly properties offering unique locations and established brand recognition.
The Florida Keys resort market has demonstrated resilience through economic cycles, supported by the region's appeal to both domestic and international travelers. Properties in Islamorada benefit from the area's reputation as a world-class sportfishing destination and its proximity to both Miami and Key West.
JLL's hospitality team will handle the sale process, leveraging their experience with high-value resort transactions across the Southeast. The brokerage has completed several significant hotel and resort sales in Florida over the past two years, including properties in Miami Beach and Naples.
Cheeca Lodge's 27-acre footprint provides substantial development potential for a future owner, whether for expansion of existing facilities or enhancement of amenities. The property's location along the Overseas Highway offers direct access to the resort while maintaining the secluded atmosphere that has attracted guests for decades.
The sale represents another major hospitality transaction in South Florida's investment market, where institutional capital continues targeting premium leisure assets. Resort properties with strong historical performance and irreplaceable locations have attracted particular interest from both domestic and international investment groups.
