Northwood Investors is seeking $300 million for the Cheeca Lodge & Spa in Islamorada, according to an April 6 report. The company has engaged JLL to find a buyer for the 250-room resort, Bloomberg reported, citing anonymous sources.
The Cheeca Lodge, located at 81801 Overseas Highway and spanning 27 acres, was founded six decades ago by an heir to the A&P grocery fortune. Over the years, it has attracted cultural figures such as baseball hall-of-famer Ted Williams and actor Paul Newman. Former President George H.W. Bush was also a frequent guest; his namesake bonefish tournament took place there from 1994 to 2003. The resort continues to host an annual “Presidential” sailfish tournament.
Northwood acquired the property in 2011 for an undisclosed amount and added 43 oceanfront suites in 2024. The resort features a nine-hole golf course designed by Jack Nicklaus and is recognized as part of what is called the “Sportfishing Capital of the World.”
Industry data show that luxury hotels have outperformed other segments recently: revenue per available room increased by five percent last year among luxury hotels while remaining flat across the broader market, according to CoStar Group as cited by Bloomberg.
Northwood reported $6.5 billion in assets under management as of December and owns commercial real estate across major markets in both the United States and Europe. In addition, strict development laws in the Florida Keys make existing luxury properties particularly valuable.
In January, another property—the Sugarloaf Lodge & Marina—was listed for $45 million. That waterfront resort includes 31 rooms on its ten-acre site along with a restaurant and tiki bar.
