The Carlyle Group is adding to its hotel portfolio in Islamorada, Florida, with the acquisition of the 151-room Postcard Inn Beach Resort at Holiday Isle and 52-room La Siesta Resort. The sellers of the properties and terms of the acquisitions were not disclosed.
The two hotels join Carlyle’s Islamorada Resort and Pelican Cove Resort & Marina in Islamorada. The four properties will form the newly created Islamorada Hotel Co. and be managed by Trust Hospitality. Equity for the transactions comes from U.S. real-estate fund Carlyle Realty Partners VII.
The Postcard Inn will undergo renovations beginning with upgrades to guest bathrooms, which are scheduled to begin by the end of the year. Improvements to common areas, the marina and food and beverage options will begin in 2015. La Siesta’s renovations will start in late 2015 and will also include a refresh of the guestrooms and common areas. In total, Carlyle plans approximately US$18 million in renovations to the Postcard Inn and La Siesta.
The 63-room Pelican Cove Resort & Marina has guestroom and common-area renovations scheduled to be completed in November.
Islamorada Resort, previously a Hampton Inn, is currently undergoing interior and exterior renovations and will relaunch at the end of the year as Amara Cay Resort.
“These Islamorada properties are in high-quality locations and have significant upside potential following renovations and management enhancements,” said Thad Paul, managing director at The Carlyle Group. “With the planned changes, we’re confident that guests and the residents of Islamorada will continue to embrace the properties and support tourism efforts on Islamorada.”