A well-known luxury hotel in Key West, Florida, is changing ownership. Sixth Street Partners and Riller Capital have acquired The Pier House, a long-established resort with 142 oceanfront rooms in downtown Key West, from Braemar Hotels & Resorts in a $190 million deal. Sixth Street announced this in a press release.
Starwood Property Trust provided the debt financing, the exact amount of which was not disclosed, while The Plasencia Group advised Braemar Hotels & Resorts on this sales transaction. The Pier House, a 59-year-old beachfront resort, originally opened in 1967 and owned by Braemar Hotels & Resorts since 2014, is now part of Sixth Street's portfolio.
Strategic Acquisition and Prime Location
Aman Gupta, Principal at Sixth Street, highlighted in a statement that The Pier House boasts private beach access and offers guests unobstructed sunset views, while being located in the heart of downtown Key West. "This investment reflects Sixth Street's commitment to identifying high-quality hospitality assets where we can drive long-term value," said Gupta.
The resort, situated at 1 Duval Street, spans five acres of beachfront property along the famous Duval Street, a top tourist attraction and a bustling pedestrian area with retail and entertainment offerings. Gupta also stated: "We believe The Pier House represents an opportunity to acquire a historic luxury resort in one of the country's most supply-constrained and in-demand tropical leisure destinations."
Resort Features and Amenities
- —Two oceanfront restaurants
- —A comprehensive spa offering
- —A modern fitness centre
- —An ocean-view pool
- —3,000 square feet of event space
The strategic location and extensive amenities of The Pier House make it an attractive acquisition in the competitive hotel sector. The transaction underscores the ongoing interest in premium holiday properties in sought-after locations, particularly in regions with limited supply.
