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Days Inn in Islamorada not under contract, listed for $12.3M

Days Inn in Islamorada not under contract, listed for $12.3M
Price for property, which has been on and off the market for four years, rose on Friday
September 18, 2015 05:15PMBy Ina Cordle

Days Inn and Suites Key in Islamorada

The Days Inn and Suites Key in Islamorada is now on the market for $12.3 million, and is not under contract, The Real Deal has learned.
Investor Robert Cvetkovski earlier this week told TRD that he had a contract to buy the property for $15 million, and expected to close on the purchase within three months. He had said he planned to spend $5 million more to renovate the rooms and upgrade the property, including bringing in a new restaurant concept.
But the Days Inn’s owner, Mark Derkovitz, told TRD that he had no written offer and no signed contract from Cvetkovski. Derkovitz and his wife Colleen are the principals of Esquire Management, the entity that purchased the property in August 1997 for $2.825 million, according to Monroe County records.
The 37-room Days Inn, which stretches from U.S. 1 to the ocean, has been on and off the market for four years, listed by Jim Mooney, an agent with Moorings Realty in Islamorada. Mooney told TRD that the price was as high as $19.7 million in 2011, and most recently was marketed at $11,999,999, until Friday when the price was raised to $12.3 million.
Mooney said that Cvetkovski has repeatedly shown interest in the property but has not presented a written offer.
Cvetkovski told TRD on Friday that he had given an offer to a third party whom he believed to be associated with Mooney, and has now discovered that that person was not a Realtor.
The property, at 82749 Overseas Highway, is spread over eight buildings, according to Monroe County property records.
According to the listing, the property includes 37 transient rights; a beer and wine license; a boat basin; 12 to 18 docks spaces, depending on boat size; a Tiki area overlooking the ocean; and a small space occupied by a Mexican restaurant. The property has a small courtyard bar area with beer and wine next to the check-in, and also has five small apartments for employee housing, according to the listing.

Source: The Real Deal

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