Luxury Hotels Sale As Northwood Lists Cheeca Lodge For $300M

Luxury Market Remains Resilient

The Real Deal reports that Northwood Investors, led by John Kukral, has listed the Cheeca Lodge & Spa, a 250-key luxury hotel in the Florida Keys, with a $300M asking price. The offering comes as the luxury hotels sale market continues to show strength, even amid broader industry headwinds.

Recent additions to the property include 43 oceanfront suites, completed in 2024. The resort is historic, previously used as a presidential retreat and host venue for a long-running sailfish tournament.

Strong Fundamentals in the Florida Keys

The Cheeca Lodge spans 27 acres at 81801 Overseas Highway. Amenities include a nine-hole Jack Nicklaus golf course and renowned sportfishing access. Northwood acquired the asset in 2011 and continues to invest in upgrades.

Strict local regulations limit new development in the Keys, placing a premium on existing luxury hotels. High-profile listings, like the $45M Sugarloaf Lodge & Marina, highlight ongoing investor demand.

Why It Matters

The Northwood luxury hotels sale signals robust investor appetite for prime resorts, even as the overall hospitality market shows signs of slowing. Data from CoStar shows RevPAR for luxury properties rose 5% last year, outperforming broader hotel averages. At the same time, improving credit conditions in parts of the CMBS market suggest some stabilization is emerging despite continued pressure in sectors like lodging and industrial. Northwood, with $6.5B under management, remains an active player across US and European CRE markets.