R. Donahue Peebles, CEO of The Peebles Corp. (No. 10 on the BE INDUSTRIAL/ SERVICE 100 list with $449.66 million in sales), plans to purchase the Key Colony Bay Hotel in Marathon, Florida, and transform it into a condo-hotel resort in which 72 multistory villas will sell for $1.7 million and up. The Peebles Corp. has a sales contract for the waterfront property at Mile Marker 54 and expects to close the deal in December.
tom-banner ampforwp-incontent-ad2">The property was sold by the Marathon Hotel Partners for an undisclosed amount. Barron Channer, acquisitions executive with The Peebles Corp., says, “The new development is expected to cost roughly $85 million, and total revenues are expected to top $140 million.”
The Peebles Corp. has redeveloped a trove of prime real estate, including the $230 million Residences at the Bath Club and $140 million Royal Palm Hotel, both in Miami Beach, and the $53 million Courtyard by Marriott Convention Center and $112 million 10 G Street N.E. office building, both in Washington, D.C.