Host Hotels & Resorts to acquire Baker’s Cay Resort Key Largo for c.$200m.

Host Hotels & Resorts, a real estate investment trust, agreed to acquire Baker’s Cay Resort Key Largo, a hotel, for c.$200m. “We are pleased to announce the off-market acquisition of our first hotel in the Florida Keys which we believe will improve the EBITDA growth profile of our portfolio. After a complete $63m renovation and repositioning in 2019, Baker’s Cay shows like a new resort. Additionally, the Florida Keys market benefits from excellent supply-demand dynamics owing in part to strict development ordinances which have led to the highest 2019 upper-upscale RevPAR of any market in the US. We expect this resort to deliver over $300 of RevPAR and $69k of EBITDA per key in 2021, ranking eighth on both metrics in Host’s 2019 pro forma portfolio,” James F. Risoleo, Host Hotels & Resorts President and CEO.