Team Gardner/Langley Represents Both Sides in Record-Setting Sale of Historic Key West Inns Lodging Portfolio
Claude Gardner and Will Langley, broker/owners of Berkshire Hathaway HomeServices Knight & Gardner Realty, break their own record for sales price of a Key West commercial property
KEY WEST, FL (Aug. 6, 2018) – Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real estate brokerage franchise networks, today announced that the Gardner/Langley Team at Berkshire Hathaway HomeServices Knight & Gardner Realty completed sale of the Historic Key West Inns lodging portfolio for $109 million.
KHP Capital Partners purchased Key West Inns, including the Key Lime Inn, Lighthouse Court, Albury Court, Merlinn Inn, Chelsea House, Cypress House – a total of 222 guest rooms – and associated office buildings and parking lots. The company, a real estate private equity firm, focuses on investment in premium boutique and independent hotels across North America.
The seller was Key West resident Julie Fondriest and her ownership team. Fondriest began assembling the lodging portfolio in 1997. Each well-appointed property is in Old Town Key West boasting island themes and quaint, comfortable accommodations.
The transaction is the largest commercial sale recorded in the Key West and Florida Keys Multiple Listing Service since the 2016 sale of Peary Court, a $60-million deal involving a 24-acre townhome neighborhood originally built as military housing. That sale also was handled by the Gardner/Langley team.
“We are honored to be involved in such a special transaction, and are ecstatic for our buyer and seller clients,” said Will Langley. “The transition will be a smooth one with no interruption at the properties or to the guests.”
“We are humbled that we were chosen to help navigate the sale of Historic Key West Inns,” said Claude Gardner. “All of our commercial business is rewarding, yet this one is special because it involved a principal who worked so hard and started her portfolio from one small guesthouse on the island decades ago into one of the most prestigious lodging portfolios in Key West. We congratulate Julie Fondriest as we do KHP Capital Partners.”
Langley added that the transaction was “home grown” with real estate and legal representation all based in Key West. “That’s appropriate because Historic Key West Inns is so genuinely Key West and rooted in local history. Each property will continue as a cherished destination for Floridians and travelers from around the world.”
Gino Blefari, president and CEO of Berkshire Hathaway HomeServices, congratulated the Gardner/Langley team and its buying and selling clients. “Claude Gardner and Will Langley continue to set the standard for premier service and results in Key West real estate,” Blefari said. “We’re proud of the Gardner/Langley Team and Berkshire Hathaway HomeServices Knight & Gardner Realty, and we congratulate Julie Fondriest and KHP Capital Partners for a win-win result on a very important transaction within the community.”
About Berkshire Hathaway HomeServices Knight & Gardner Realty
Knight & Gardner Realty is a full-service real estate brokerage serving Key West, the Lower, Middle and Upper Keys and the Outlying Islands. The brokerage, founded in 1957, is Key West’s oldest real estate company and a perennial market leader. Visit keysrealestate.com
About Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices is one of the world’s fastest-growing residential real estate brokerage franchise networks, with more than 50,000 real estate professionals, nearly 1,500 offices throughout the U.S., Canada, Mexico, Europe and the Middle East, and more than $119 billion in real estate sales volume. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability and longevity. Visit www.berkshirehathawayhs.com.