After weeks of whispers, EOS Hospitality confirmed the purchase of Faro Blanco Resort & Yacht Club from the Spottswood Companies.
“The marina and restaurant are fantastic,” said Noah Singh, the head of development at EOS Hospitality. “We managed to reach a deal that worked for both parties. And, our team and the EOS team have a tremendous amount of experience in the Florida Keys.”
The resort reportedly sold for $40 million. It has 125 rooms and 70 slips.
EOS also owns Isla Bella Beach Resort and Spa, also in Marathon, as well as Ocean Edge Resort and Marina in Key West. The portfolio includes high-end hotels and inns in Washington, D.C., Myrtle Beach, South Carolina, and Kennebunkport, Maine.
The Hyatt flag has been removed from the property. Sources say all existing reservations will be honored, and those who are members of the Hyatt Loyalty Program points will earn the points associated with those reservations.
Marathon Chamber of Commerce director Daniel Samess said he’s excited to see the resort return to its roots as an independent resort.
“Under the new ownership group that also owns Isla Bella Beach Resort, I am confident that Faro Blanco will exceed expectations, especially with Karen Thurman staying on as general manager, along with her talented staff,” Samess said. “Marathon continues to move and shake, and steadily improve which is a win-win for our businesses, their employees and, in this case, our visitors as well.”
Singh said Isla Bella and Faro Blanco will have a complementary synergy in terms of offerings for guests, as well as the ability to operate efficiently on a large scale. He said the team is already looking at some upgrades for Faro Blanco, among them the trademark intensive landscaping.
Faro Blanco is a landmark in Marathon, one of the first luxury resorts in the Middle Keys. It has a long and storied history that is capped with a visual reminder — the lighthouse. At one time it was the home for owner Jim Kelsey and his family; at other times it was rented out as a suite. Now it’s home to the dockmaster while also serving as a functional navigation light. The property sat vacant for almost a decade — caught in the real estate bubble of the early 2000s — before it was redeveloped and reopened by the Spottswood Companies in late 2014.
“Marathon has a really bright future and a great place in the Keys market,” Singh said.