Mast Capital has acquired the Islands of Islamorada Resort in the Florida Keys for $38 million, revisiting a property it pursued two years ago. The Coconut Grove-based firm partnered with Koch Real Estate Investments on the purchase and plans to relaunch villa sales, upgrade resort operations and strengthen the property’s hospitality offering.
Key takeaways
- Mast Capital and Koch Real Estate Investments purchased the resort for $38 million.
- The property includes 22 oceanfront villas and eight hotel suites.
- Villa sales will restart at $3.8 million, with a nightly rental program planned for owners.
- Eos Hospitality will help optimize resort operations.
The acquisition gives Mast a larger presence in Islamorada, a market the company views as attractive because of limited supply, high barriers to development and steady year-round occupancy.
A second chance in a favored market
Mast previously sought to buy the resort, but another buyer acquired it. The opportunity resurfaced after that ownership group took control, allowing Mast and Koch to complete the purchase.
Frisbie Group developed and opened the resort in 2020. The company sold it in 2024 for $72 million to Wills Companies and its partners, providing seller financing and remaining involved as a partner. The latest transaction represents a significant change in the property’s ownership valuation.
Resort combines villas, hotel suites and waterfront amenities
Located in the Upper Keys about 90 minutes from Miami, the resort offers direct access to the water and a mix of private residences and traditional accommodations. Its inventory includes 22 private oceanfront villas and eight hotel suites.
Amenities include two oceanfront pools, a private beach, pickleball courts, playgrounds, a beachfront bar and a fitness center. Guests also have access to a marina with boat slips, paddleboards, kayaks and sailboats.
Villa sales and rental program to restart
Mast and Koch plan to relaunch marketing for the 22 waterfront villas through Ocean Sotheby’s International Realty. Prices will start at $3.8 million.
Each fully furnished villa features four bedrooms, four full bathrooms and a three-story layout. Other features include covered waterfront loggias, two-car garages with electric-vehicle hookups, upscale finishes, smart-home technology and concrete-block construction designed to meet current hurricane standards.
Owners will be offered a rental program that allows nightly bookings. That flexibility sets the residences apart from many Keys homes that face 30-day minimum rental requirements, while giving buyers the potential to generate income when they are not using their properties.
Planned upgrades and broader Florida portfolio
The new ownership group expects to make targeted improvements to guest rooms and public spaces while enhancing the food-and-beverage program. Eos Hospitality will oversee efforts to improve resort operations.
The deal adds to Mast Capital’s approximately $5 billion portfolio, which is focused primarily on residential and hospitality assets across Florida. Its holdings include Little Palm Island Resort & Spa in the Keys and the renovated Saddlebrook Resort in the Tampa Bay area.
The firm is also developing major residential projects, including The Perigon Miami Beach, Cipriani Residences Miami and Banyan Tree Residences West Palm Beach.