Key West has Luxury, Upscale, Mid-Priced, Economy and Guesthouse and B&B accommodations. In 2014, Guesthouses and B&B's had the second highest increase in both Average Daily Rate and RevPAR. Guesthouses provide the personalized and concierge level of care that travelers are coming more and more to expect, enjoy and be willing to pay for. Travelers can reserve a big-box vacation anywhere - and do so happily. Yet, Key West is different and the numbers show more travelers wanting something different for their Conch Republic vacation.
There are six guesthouses for sale in Key West. Each is a turn key property, fully licensed and ready for you to take over. Not all guesthouses are authorized to prepare and serve their own food and alcohol - that requires specific licenses and therefore greater value. Most guesthouses have arrangements or contracts with local businesses that provide bike rentals, wedding coordination, pet and child care and concierge medical care, etc. All these guesthouses have web sites, internet booking and all future reservations come with the sale.
The winter months provide the largest percentage of bookings and income with the summer season providing special event bookings such as during Conch Republic Days, Hemingway Days, Parrot Head Days, etc., and of course fishing tournaments all summer long. For a full schedule of events click here.
Here are the six guesthouses for sale, listed in order of cost, least to most:
Andrews Inn
The Andrews Inn was a single family home built in the early 1900's. Since the early 1990's it has been a B&B. It has six ensuite bedrooms and is located just a few steps from the Hemingway House and the Key West Lighthouse. Andrews Inn has a commercial kitchen that is licensed for 14 seats, a separate manager's office building, a cabana bath, and a laundry building. The Andrews Inn is a certified Florida Green Lodge and is listed for $3,100,000..
L'Habitation
L'Habitation dates to circa 1874. It is 1/2 block from Duval St., a few steps from the Key West Post Office and next to the acclaimed theater the Tropic Cinema. There are eleven, 1 and 2 bed rooms each with private bath which includes a 2 bedroom managers apartment. L'Habitation is in the center of the Duval St district, a 10 minute walk to Mallory Square and 20 minutes to Fort Zachary Taylor. L'Habitation is listed for $3,195,000.
Garden House
The Garden House was built in approximately 1938 and has been a B&B since the early 1970's. It is located in the The Historic District of Old Town Key West. The Garden House has two buildings that contain 12 bedrooms; 10 with private bath and 2 that share a bathroom. There is an intimate lagoon-type pool nestled in a tropical garden. The Garden House is a 10 minute walk from the Historic Harbor District area and two blocks from Duval (Crawl) St. The Garden House is listed for $3,350,000.
Knowles House
Knowles House was originally a single family house contructed in the 1860's and in the Conch tradition by a family originally from the Bahamas. It was home for the Knowles family for 100 years. In 1996, Knowles House was converted into a B&B. All eight bedrooms are ensuite. There is a palm-fringed pool garden with fountain, large Jacuzzi and shaded rear porch. Knowles is a 10 minute walk to the Historic Harbor District. For 2014, Knowles House states a 91% occupancy rate, $207.74 ADR and NOI of $288,600. Knowles House is listed for $3,395,000.
Old Town Manor
Old Town Manor was built in 1886 and retains the original cypress doors, exotic private gardens, a fireplace in the lobby and a built-in mahogany bookcase. There are a total of 14 ensuite rooms;10 rooms in the main mansion and 4 rooms in the converted Carriage House. There is a 49-seat restaurant, a full liquor license, and a successful wedding business. Duval St. is 1/2 block away and it is a 12 minute walk to Mallory Square or the Historic Harbor District. For 2014, Old Town Manor states an NOI of $477,000. Old Town Manor is listed for $6,450,000.
Heron House Court
Heron House Court was built circa 1900 during Henry Flagler's expansion of the overseas railroad to Key West and is listed on the National Register of Historic Places. The converted residence features 14 comfortable ensuite rooms which includes suites poolside and on the second floor. The heated pool and deck are surrounded by a tropical garden. Heron Court House is a 15 minute walk to the Historic Harbor District and the Key West Ferry Terminal. Heron House Court is listed for $7,000,000.
Summary
Smith Travel Research is the source for the below data
The Average Daily Rate (ADR) in 2014 for Guesthouses and B&B's in Key West was $236 which was an 11% increase above 2013 and 46% above the ADR for 2010. Every month for 2014 showed an increase above 2013, in fact every month and every year since 2010 has shown a month-over-month and year-over-year increase in ADR.
The Average Occupancy Rate (AOR) in 2014 for Guesthouses and B&B's in Key West was 83.5% which was .7% above 2013 and 7.7% above 2010. The AOR increase in 2014 was seen mostly in increases for the summer months of August, September and October. Additionally, the 1st Qtr 2014 was the first quarter recorded where each month's AOR was over 90%.
The Average RevPAR (RevPAR) in 2014 for Guesthouses and B&B's in Key West was $197 which was a 12% increase above 2013 and 58% above RevPAR for 2010. Like ADR, RevPAR shows a month-over-month and year-over-year increase continuously since 2010. For 2014, six months showed double digit increases over 2013 with January leading with a 30% increase above 2013.
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Good luck and welcome to 2015!