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D&D Construction Purchases Half-Finished Hotel Complex
D&D Construction and Islamorada Hotel Group, owned by the Williams family, have acquired the unfinished Indigo Bay property with a goal of converting it to a hotel complex. The decision was dictated by slumping real estate prices and the owner’s desire to invest in hotel business. Islamorada Hotel Group plans to market it as a 25-room boutique hotel featuring two-story villa suites and private entrances, although it was originally intended as a 25-unit condominium.
It will take about four months for D&D to complete the interior, build a swimming pool and the joint area. It should be noted that exterior was completed by the previous contractor. The villas feature three layouts, slightly differing in square footage and bathroom types. The hotel is slated to open in May.
The construction is loaned by First State Bank of the Florida Keys. The project was launched in 2005, and it was handed over to its current lender in 2007 under a bankruptcy scheme.
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