A group of properties in the Florida Keys is the latest acquisition of one of the world's leading real estate firms, Northwood Investors.
In a partnership with the original developer, Pritam Singh, Northwood Investors plans to recapitalize this new portfolio of properties, which includes the Tranquility Bay Beach Resort in Marathon, Florida; Parrot Key Resort, located in Key West on the Florida Bay; and a third luxury hotel to be situated at Key West Bright, which is estimated to open in 2014.
The privately held real estate investment firm, founded in 2006, currently boasts a portfolio of assets beyond the $2 billion mark. The company's longer-term value optimizing investment strategy, in addition to an ethos of investing in high caliber properties, is undoubtedly the reasoning behind Northwood's attraction to the affluent and resilient Sunshine State.
The managing director of Northwood Investors, Jonathan Wang, expressed his enthusiasm for the project and recognized the ever-growing business potential of the area in a statement released by the company.
He said: "Northwood has found the Florida Keys to be a desirable long-term location in which to invest."
An affiliate of Northwood investors, Northwood Hospitality, is undertaking the operation of the hotels.
The president of the company, David McCaslin, articulated the company's dedication towards providing "unparalleled hospitality" and stated that all developments would be finished to the exacting standards of "luxury and innovation" demonstrated previously by the group through existing investment properties in New York and Boston.
The presence of the prestigious Northwood Hospitality brand in Florida will undoubtedly further the appeal of a tourism industry already robust in the area, benefiting local businesses and contributing to the state's economy.
Wang concluded by alluding to plans for further investment in the Florida Keys area.
