Songy Highroads Acquires Two Florida Keys Hotels

The developer plans to upgrade and re-flag both properties in this high-demand market.

. August 04, 2017

ISLAMORADA, FL. August 4, 2017 - Atlanta-based developer Songy Highroads, LLC has acquired two hotels in the Florida Keys village of Islamorada in a joint venture with Washington, D.C.-based The Wardman Group. The purchase marks Songy Highroads' entry into the high-barrier market.

The first hotel is the Harbor Lights Motel, a 37-room waterfront property located at 84951 Overseas Hwy. on Windley Key. The property features 625 linear feet of oceanfront, a swimming pool and a one-acre surface parking lot currently used for boat parking.

The second hotel is the Days Inn & Suites Key Islamorada, a 37-room hotel located two miles from Harbor Lights at 82749 Overseas Hwy. on Upper Matecumbe Key. The hotel features 130 linear feet of oceanfront as well as a marina with 15 boat slips.

“Due to the popularity of the tourism in the area and local ordinances restricting the construction of new hotels, the Florida Keys have the highest RevPAR in the country behind New York City,” said Todd Nocerini, COO of Songy Highroads. “These high barriers to entry make these hotels a great acquisition and addition to our portfolio.”

Songy Highroads plans to complete a full renovation of both properties. At Harbor Lights Motel, it will spend approximately $3 million to renovate all guestrooms and the lobby as well as overhaul the property's landscaping. The property, which will be rebranded to Fisher Inn, will be improved from its current two-star rating to three stars.

The developer will complete a $2 million renovation of the Days Inn & Suites that will include updating guestrooms and landscaping as well as rebranding the hotel and improving it from a two-star to a three-star property. Songy Highroads has hired Aimbridge Hospitality to manage both properties.

“These properties present a great value-added opportunity for us,” Nocerini added. “We are confident our renovation program will pay dividends in the long term.”

About Songy Highroads, LLC

Songy Highroads, LLC is an Atlanta-based commercial real estate firm that focuses on the acquisition, development and redevelopment of institutional-quality real estate projects primarily in the office and hotel sectors. Since 1992, Songy Highroads has completed more than $1.5 billion of acquisitions in Florida, Georgia, Louisiana, Tennessee, Texas, and Washington, D.C. For more information about the company, please visit www.songyhighroads.com.

About The Wardman Group:

The Wardman Group is a boutique real estate investment and asset management firm founded by Thad Paul in 2016. The Wardman Group focuses on opportunities on the East Coast in the hospitality and senior housing sectors, where it targets under-valued assets, whether due to property condition, management capabilities, capital flows, or cycle timing. Mr. Paul has acquired and/or redeveloped 19 hotels in southeast Florida throughout his career, including six in Islamorada.

Business Contact:

Coleman Wood
T: 4042143549
E: [email protected]

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