A waterfront resort and marina in the Florida Keys, known as Sugarloaf Lodge & Marina, has been listed for sale at $45 million. The property, which covers more than 10 acres near mile marker 17 at 17001 Overseas Highway, includes 31 hotel rooms and commercial space. The listing is managed by Lisa Swanson of The Agency Florida Keys and Jamie Bederak of The Agency Miami.
According to Swanson, the site comes with development rights to rebuild 24 hotel keys that were lost during Hurricane Wilma in 2005. The asking price translates to about $1.45 million per hotel key.
Sugarloaf Lodge was originally built in the late 1950s by a Pennsylvania strip mining company responsible for much of Sugarloaf Key’s early development. Additional structures were added in the 1960s. In 1973, Lloyd and Miriam Good purchased the property and relocated their family to run the resort.
Currently, ownership is held by an entity called Miriam BG, led by John Good and Caren Ward—children of Lloyd and Miriam Good—as well as Jessica Duncan Wex and Katchen Elizabeth Duncan, who are John Good’s nieces.
The property features a 12,700-square-foot hotel building and a 5,300-square-foot restaurant leased to South of the Seven. Other amenities include a tiki bar, event venue, office spaces (some leased to kayak/boat rental businesses and a solar energy company), an apartment, marinas, pool, and tennis courts.
John Good stated that much of the original Mid-Century Modern decor remains intact in the hotel rooms. He also shared stories from his time growing up on the property: “Crazy times,” John Good said. “It was the ’70s and ’80s … a lot of characters.”
Good recalled notable visitors such as actor Paul Newman—who discussed Kenyon College with him—and journalist Hunter S. Thompson: “Newman was fun to talk with,” Good said. Thompson “was kind of part of our family for a couple of years,” he added.
Dolphins also played a role in Sugarloaf’s history. One dolphin named Dolly became known after escaping from the U.S. Navy; she was studied by Jacques Cousteau before eventually leaving Sugarloaf Lodge when nets were removed: “Dolly… wasn’t too keen on doing the shows,” Good explained.
While redevelopment is possible for Sugarloaf Lodge & Marina—including use of vested rights for 24 additional hotel keys—any new construction would require greater setbacks from the bay due to updated regulations affecting structures like its stilted restaurant. Monroe County currently limits building heights to 38 feet but may consider increasing this cap for residential properties.
The real estate market in the Florida Keys has seen significant activity recently. For example, Barstool Sports owner Dave Portnoy acquired a waterfront mansion in Islamorada for $27.8 million last October (https://therealdeal.com/miami/2023/10/19/barstools-dave-portnoy-buys-waterfront-islamorada-mansion-for-28m/). Additionally, Frisbie Group sold Islands of Islamorada—a resort with villas and an eight-key hotel—for $72 million in 2024 (https://therealdeal.com/miami/2024/01/04/frisbie-group-sells-islands-of-islamorada-resort-for-72m/). Other major deals include Key International’s purchase of Perry Hotel in Key West for over $37.6 million (https://therealdeal.com/miami/2023/06/23/key-international-buys-perry-hotel-marina-in-key-west-for-67m/) and Integra Investments’ acquisition of Perry Marina for about $29.7 million (https://therealdeal.com/miami/2023/06/23/key-international-buys-perry-hotel-marina-in-key-west-for-67m/).
The Florida Keys remain less busy than Miami but continue to attract investors interested in hospitality properties during South Florida’s broader real estate boom.
