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 is located at 81801 Overseas Highway and covers 27 acres. It was established six decades ago by an heir to the A&P grocery fortune and has attracted cultural figures such as baseball hall-of-famer Ted Williams and actor Paul Newman. Former President George H.W. Bush also frequented the property, lending his name to a bonefish tournament held there from 1994 to 2003. The resort continues to host an annual “Presidential” sailfish tournament.
Northwood acquired the property in 2011 for an undisclosed sum and expanded it with the addition of 43 oceanfront suites in 2024. The resort features a nine-hole golf course designed by Jack Nicklaus and promotes itself as being part of the “Sportfishing Capital of the World.”
The sale comes amid a hospitality market where luxury hotels are outperforming other segments despite broader industry challenges. Revenue per available room rose five percent last year among luxury hotels while remaining flat across other categories, according to CoStar Group cited by Bloomberg.
Northwood reported managing $6.5 billion in assets as of December, with holdings that include commercial real estate across major U.S. and European markets. Investment opportunities remain limited in the Florida Keys due to development restrictions that increase demand for existing luxury properties.
In January, Sugarloaf Lodge & Marina—a separate waterfront property with vested rights for expansion—was listed at $45 million after decades under Good family management.
