In Brief: Sixth Street acquired the 142-room Pier House Resort & Spa in Key West, Florida, from Braemar Hotels & Resorts for $190 million in a transaction completed with Riller Capital.
-
Image Credit Pier House Resort & Spa
Sixth Street acquired the Pier House Resort & Spa, a 142-room oceanfront resort at 1 Duval Street in Key West, Florida, for $190 million from Braemar Hotels & Resorts. Braemar is listed on the New York Stock Exchange under the ticker BHR. Sixth Street completed the transaction in partnership with Riller Capital.
The resort occupies five acres on the waterfront at the gateway to Duval Street. The property has access to the Gulf and is located near Key West’s main thoroughfare.
Pier House includes two oceanfront dining venues, a full-service spa, fitness center and oceanfront pool. The property also has 75 linear feet of private beach frontage and approximately 3,000 square feet of meeting and event space.
Latham & Watkins, Smith, Hawks, P.L. and CBRE advised Sixth Street on the transaction. The Plasencia Group advised Braemar. Starwood Property Trust provided financing for the acquisition.
Sixth Street Real Estate invests directly in properties and provides equity, preferred equity and debt. Its real estate investments include residential, office, hospitality, industrial, data centers, retail and specialized sectors.