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Songy Highroads (SHR) has a pair of recently renovated boutique oceanfront hotels in the Florida Keys in an opportunistic exit in one of the country’s strongest lodging markets.
Fisher Inn Resort & Marina has 37 guestrooms, 17 of which were newly constructed in 2020, and an outdoor pool and marina that provides easy access to the Atlantic Ocean and fishing. Hadley House Resort has 37 guestrooms, a leased marina and watersports operation, and an outdoor pool. Hadley House was named for the first wife of author Ernest Hemingway, who lived in Key West in the 1930s and worked on several of his best-known novels during that era.
The sister properties are located on Overseas Highway just minutes apart in Islamorada in the Florida Keys, which is halfway between Miami and Key West.
“The Florida Keys area is consistently one of the top travel destinations in the nation, and Fisher Inn and Hadley House are unique premium boutique resort hotels with marina access right on the ocean in a highly restrictive market,” said Todd W. Nocerini, President and Chief Operating Officer at SHR in a statement.
Strict development rules create a high barrier to entry in the Florida Keys lodging market, making development nearly impossible. The properties included a valuable residential Rate of Growth Ordinance (ROGO) allocation for future development.