Aztec Arranges $79mil Sale of Hawk's Cay Resort
MIAMI, FL, February 26, 2007. Aztec Group, Inc., Florida's leading real estate investment and merchant banking firm based in Miami, is pleased to announce that Aztec has arranged the sale of Hawk's Cay Resort, located at Mile Marker 61 on Duck Key, Florida.
Hawk's Cay Resort, the largest resort in the Florida Keys, was originally built in 1959 and is located on 59 acres. The property currently features a 177-room hotel, 297 privately-owned guest villas, six food & beverage outlets, a 25,000-square foot convention center, 52-slip full-service marina, dolphin training facility, full-service spa, children's clubhouse, employee housing, five pools, eight tennis courts, and a saltwater lagoon. Aztec represented Hawk's Cay Investors, Ltd. in its disposition of the property to NVHG Acquisitions, LLC, an entity controlled by Northview Hotel Group and Behringer Harvard. Northview is planning to invest more than $25 million to renovate and upgrade the resort and its amenities.
"Hawk's Cay is an irreplaceable property in one of the highest barrier to entry markets in the Nation. Northview's plan to reposition and brand Hawk's Cay will enable it to become the premier destination resort in the Florida Keys," commented Boaz Ashbel, Aztec's Managing Director who structured the transaction.
The Florida Keys hotel transaction market continues to be strong due to a limited supply of product, constraints on new development, and the emergence of the Florida Keys as a luxury destination. The sale of Hawk's Cay Resort is among a handful of large-scale Florida Keys resorts purchased by national real estate companies.
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