Key International Acquires Hampton Inn & Suites by Hilton Destin
Purchase of the 130-key Hilton-brand hotel in Destin, Florida adds to firm’s growing hospitality portfolio
MIAMI -- Key International, a prominent real estate investment and development company specializing in hospitality, announced today that it has acquired the Hampton Inn & Suites by Hilton Destin. The hotel was purchased from McNeill Hotel Co., which will continue to provide management services for the property. The transaction amount was not disclosed.
This acquisition supports Key International's proven and ongoing strategy of building its portfolio of hotel properties in core coastline cities, including in the Florida seaside destinations of St. Augustine Beach, Clearwater Beach, New Smyrna Beach and Miami Beach.
Located at 1625 Highway 98 East, the property sits directly across from the white sandy beaches and shoreline of the Gulf of Mexico. The hotel offers 130 guestrooms, including 43 spacious studio suites, as well as 500 square feet of flexible meeting and social event space. Its central setting near waterfront shops, dining and entertainment is popular with families, vacation guests and business travelers, with local offerings like the Destin Harbor Boardwalk, Track Family Recreation Center and boat tours fit for a variety of interests.
"We are pleased to add the Hampton Inn & Suites by Hilton Destin to our growing hospitality portfolio," said Diego Ardid, Co-President of Key International. "Destin is a treasured beach town that sees tens of thousands of visitors during spring and summer peak seasons and we are excited to have a presence in this lively city."
One of the most attractive qualities of this asset is the seller's completion, in 2014, of an extensive, top-to-bottom $12 million renovation, maintaining only the footprint of the original property. The Hampton Inn & Suites by Hilton Destin was transformed into an essentially new haven for visitors to enjoy. Upgraded comforts and amenities include a resort-style, zero-entry pool, multiple outdoor grilling stations, al fresco seating with fire pits, fitness center featuring Precor® equipment that overlooks the emerald green waters of the Gulf of Mexico, a professional business center, daily complimentary hot breakfast, and snack and essentials shop. Guestrooms boast the brand's signature clean and fresh Hampton bed®, a 37-inch LCD TV and a work desk. Guests can also upgrade to a studio suite, offering a living area with a sofa sleeper and wet bar.
"With each property in our portfolio, it is imperative that we show visitors and locals our commitment to delivering a distinguished product and memorable guest experience," added Shawn Gracey, Executive Vice President of Hospitality with Key International. "We look forward to joining the Destin community and contributing to its thriving tourism sector."
The property is the latest addition to Key International's active hotel acquisition program, which focuses on the purchase of well-located hotels and resorts in robust markets throughout the Southeast U.S. and in Spain. The company owns and manages a diverse collection of hotels and resorts under the Marriott, Hilton and IHG flags.
About McNeill Hotel Co.
Headquartered in Germantown, Tennessee, McNeill Hotel Company is built on a foundation of trust, pursuit of excellence and making a difference in whatever we do. We espouse the philosophy of "people serving people" – be it our guests, our investors, our team members or our brand partners. Servant leadership truly defines our company culture.
Phillip McNeill, Jr and Mark Ricketts, the company's principals, are second generation hoteliers with more than 60 years of combined experience in the hotel industry, encompassing nearly every discipline of the business. We focus on select service hotels with a growth strategy based on a mix of new hotel development, meaningful acquisitions and third-party management agreements. We are approved franchisees for both Marriott and Hilton. For more information, visit www.mcneillhotels.com.
Account Executive - ANDER & Co
About Key International
Key International is a world-class real estate investment and development company with offices in Miami, Florida and Madrid, Spain. The company focuses primarily on high-end commercial and luxury residential sectors, including condominiums, hotels & resorts, residential rentals, offices, and retail properties. Key International"s high-profile projects include the development of such sought-after addresses as 400 Sunny Isles, 1010 Brickell, and the landmark Mint and The Ivy towers in Downtown Miami, along with the master development of the Riverfront Community section of Miami and the $250 million expansion and restoration of the world-famous Nobu Eden Roc Resort Miami Beach. For more information, visit www.key-international.com.