The Paradise Inn
February 2011 – Purchased an 18 room all-suite for $4,345,000.
In 2015, the property received a refurbishment and increased unit size to 21 units with additional “Cottage” units added to the property. With updated room product, the property maintains a 103 STR rating to the Comp Set in Key West.
In November 2019, SMS Lodging refinanced the property and paid back all the capital invested to investors. The latest appraisal valued the property at $9,600,000, an appreciation of more than 120% in 10 years.
The property achieved $2.2mm in revenue in 2019 and with Key West consistently being a high-demand market in the U.S., it achieved $1.3mm in revenue in the first half of 2021 without any traditional international travel entering the U.S. hospitality market.