Summit Development purchased Sombrero Resort & Marina, along with Mangrove Marina, in March 2009 from one of Florida’s largest, privately-held banks. Both properties were formerly owned by Cay Club Properties, a Florida development company that was developing a portfolio of properties throughout Florida into a private club, which ended up in foreclosure.
Sombrero Resort & Marina is a 124-key hotel and resort located on the waterfront in Marathon, Keys, Florida. It is strategically located midway between Key Largo and Key West, in close proximity to Marathon Airport and shopping. In addition to the 124 one- and two-bedroom suites, the six-acre site includes eight detached villas, a 54-slip marina, four tennis courts, a 150-seat full-service restaurant (“The Latitudes”) and a poolside tiki bar.
The investment strategy for Sombrero Resort & Marina is to reposition both properties via aggressive marketing and physical improvements, including upgrades to the site, landscaping and amenities. The renovated site will be brought to market with newly finished for sale units in 2010.
