Hawks Cay Resort on Duck Key has been sold to a group of investors for US$133.8m, according to local media reports. New York-based Carey Watermark Investors Inc said it will spend an additional US$15.6m in “capital improvements and other acquisition-related costs” on the largest resort/marina complex in the Florida Keys.

According to Keys.Net, a Texas-based group of investors acquired the resort in February 2007 for US$75m. The resort had been independently owned and operated for 24 years before that.

“Given the limited number of existing resorts and restrictions on new development, the Florida Keys is one of the strongest lodging markets in the country,” said Michael Medzigian, CEO of Cary Watermark, in a statement. “Our acquisition of Hawks Cay is consistent with our strategy of applying our lodging investment and asset management disciplines to exceptional properties.”

The 31-acre resort includes a hotel and condominiums, spa, tennis centre, 10,000 square feet of retail and office space. The 85-slip Hawks Cay Marina also has sportfishing, scuba and snorkeling operations.