Home›Real Estate›Industry›Sixth Street buys Pier House resort in Key West for $1…

Sixth Street buys Pier House resort in Key West for $190M

The 142-room oceanfront hotel, located at 1 Duval Street, is being financed with debt from Starwood Property Trust, with the amount not disclosed.

Reported · Written up by our desk · Industry

Sixth Street Partners and Riller Capital have acquired Pier House, a 142-room oceanfront resort in downtown Key West, from Braemar Hotels & Resorts in a $190 million deal, according to a statement from Sixth Street.

Starwood Property Trust provided the debt financing for the purchase, though the specific amount was not disclosed. The Plasencia Group advised Braemar Hotels & Resorts on the sale.

Pier House sits on five acres of beachfront land along Duval Street, a major tourist and retail corridor. The resort includes two oceanfront restaurants, a spa, a fitness center, an oceanfront pool, and 3,000 square feet of event space.

Pier House first opened in 1967 and had been owned by Braemar since 2014. Sixth Street principal Aman Gupta said the investment reflects the firm’s focus on hospitality assets where it expects to drive long-term value, citing Pier House’s private beach access and unobstructed sunset views.

More like this

Sources