Sixth Street acquired the Pier House Resort & Spa, a 142-room, luxury oceanfront resort in Key West, Fla., for $190 million from Braemar Hotels & Resorts. Sixth Street completed the transaction in partnership with Riller Capital. The sale price equals out to about $1.3 million per key.
Pier House was built in 1967 as a 50-room motel. Braemar acquired it for $93 million in 2014 after the hotel underwent a $12 million renovation. That deal broke down to about $653,000 per key.
Located on five acres, Pier House is located on the waterfront. The resort has a comprehensive suite of amenities, including two oceanfront dining venues, a full-service spa, fitness center, oceanfront pool, 75 linear feet of private beach frontage, and approximately 3,000 square feet of meeting and event space.
“We believe Pier House represents an opportunity to acquire a historic luxury resort in one of the country’s most supply-constrained and sought-after tropical leisure markets,” Aman Gupta, principal at Sixth Street, said in a statement. “With direct access to one of the island’s few private beaches, unobstructed sunset views, and proximity to the heart of Key West, the Hotel offers a truly differentiated guest experience. This investment reflects Sixth Street’s commitment to identifying high-quality hospitality assets where we can drive long-term value.”
The transaction follows other recent moves involving both companies. Last year, Braemar sold the 369-room Marriott Seattle Waterfront to a joint venture between Sixth Street Partners and Riller Capital for $145 million. Braemar has also been reviewing strategic alternatives for its portfolio, including a potential sale of the company, as it seeks to unlock shareholder value. Pier House itself was previously included in a 2024 refinancing package covering five Braemar luxury hotel assets.