The Carlyle Group has purchased two Islamorada hotels with plans to spend $18 million on renovations.
The Washington, D.C.-based alternative asset manager bought the 151-room Postcard Inn Beach Resort at Holiday Isle and the all-suite La Siesta Resort from Starwood Capital Group in a transaction that closed Sept. 12. The purchase price was not disclosed.
Upgrades to guest bathrooms at Postcard Inn are set to start by the end of the year, with work starting in 2015 on common areas, the marina and dining areas. Renovations to La Siesta will start late next year.
One of the group’s funds also bought the Pelican Cove Resort and Marina and Islamorada Resort within the last year; both are being renovated. Miami-based Trust Hospitality will manage all four properties, which will make up the Islamorada Resort Company.