CB Richard Ellis Negotiates $98.3 mil Sale of Florida Keys Resort
ISLAMORADA, FL, April 24, 2006. Ceebraid Signal has acquired the 151-room Holiday Isle Beach Resorts here in the Florida Keys for a price of about $98.3 million. CB Richard Ellis' Hotels, Resorts and Multi-Housing Group arranged the transaction for the seller, Celentano Properties.
Containing nine resort buildings, 10 restaurant/retail buildings, one gas station and a marina, the Holiday Isle Beach Resorts attracted interest from 240 potential buyers and generated 23 offers.
Ceebraid now plans on redeveloping the 12.5-acre resort into a luxury condominium resort with condo units that could each sell for about $1.5 million on average.
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