JLL arranges the sale of Cheeca Lodge & Spa to Bass Pro Shops

MIAMI, July 13, 2026 – JLL’s Hotels & Hospitality Group announced today the sale of Cheeca Lodge & Spa, an iconic resort destination located at 81801 Overseas Highway in Islamorada, Florida. The transaction represents one of the most significant hospitality deals in Florida Keys history and reflects continued appetite for premier resort assets in high-barrier-to-entry markets.

JLL represented the seller, Northwood Investors, in the transaction. Bass Pro Shops acquired the asset.

Northwood Hospitality will continue to operate the 27-acre, 254-room resort with its experienced team, ensuring the same level of service and operational excellence that has defined the property throughout Northwood's stewardship. Over the past 15 years, Northwood has invested in transformative improvements including 43 premium oceanfront suites, 11 casitas and an oceanfront property, a 10,000 sq. foot conference center, and a zero-entry oceanfront pool with the adjacent tiki bar, 25 South, as well as the acquisition of the adjacent Casitas and Morada Bay properties across U.S. 1 (the Overseas Highway), including Pierre’s Restaurant and retail shops. These investments and acquisitions further strengthened Cheeca Lodge & Spa’s position as one of the region’s premier destinations.

The resort's comprehensive amenity package includes seven distinctive dining venues led by Atlantic's Edge flagship restaurant, a 5,700-square-foot spa with six treatment rooms, Jack Nicklaus-designed nine-hole golf course, six lighted sport courts, three swimming pools and the landmark 525-foot fishing pier — the longest in the Florida Keys. The property offers approximately 15,000 square feet of versatile indoor meeting space complemented by six tropical outdoor venues across the oceanfront estate. Additional components include Morada Bay's 3.5 acres featuring Pierre's Restaurant and Beach Café & Bar, plus 33 on-site employee housing units providing 106-bed capacity.

Positioned at mile marker 82 on the Overseas Highway, the property occupies the strategic midpoint between Miami and Key West in Islamorada, known as the "Sportfishing Capital of the World." The destination serves a drive-to market of more than 15 million residents within six hours and sits 90 minutes from Miami International Airport, which serves over 50 million passengers annually with 199 nonstop destinations.

Cheeca Lodge & Spa, a AAA Four Diamond resort founded in 1946, has held a revered place in the history of American sportfishing, attracting well-known legendary anglers, presidents, athletes and authors including President George H.W. Bush, President Harry Truman, Ernest Hemingway, Zane Grey and Ted Williams. The property operates under a mixed ownership structure comprising 169 fee-simple hotel rooms and 85 third-party owned condominium units participating in the rental program.

Monroe County's strict Rate of Growth Ordinance limits residential construction to 197 annual permits with similarly stringent commercial development restrictions protecting the barrier reef and critical habitats, creating substantial barriers to new hotel supply.

The JLL Hotels & Hospitality team that represented the seller included Americas President Daniel Peek, Senior Managing Directors Andrew Dickey and Chris Drew and Senior Director Maciej Polek.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Northwood Investors LLC (“Northwood”) is a privately held real estate private equity firm that owns and operates real estate across the U.S. and Europe. Northwood has completed approximately $20 billion of real estate acquisitions since inception. Northwood seeks to opportunistically acquire well-located real estate with a plan to create value through hands-on asset management. Northwood is vertically integrated with in-house operating teams across the office, multifamily, retail, hospitality, and urban logistics sectors. Please visit northwoodinvestors.com for more information.

Bass Pro Shops, North America’s premier outdoor and conservation company, was founded in 1972 when avid young angler Johnny Morris began selling tackle out of his father’s liquor store in Springfield, Missouri. That was the company’s sole location for the first 13 years, and it has since grown to nearly 200 retail locations throughout North America. Today the company provides customers with unmatched offerings spanning premier destination retail, outdoor equipment manufacturing, world-class resort destinations and more. In 2017 Bass Pro Shops united with Cabela’s to create a “best-of-the-best” experience with superior products, dynamic locations and outstanding customer service. Bass Pro Shops also operates White River Marine Group, offering an unsurpassed collection of industry-leading boat brands, and Big Cedar Lodge, America’s Premier Wilderness Resort. Under the visionary conservation leadership of Johnny Morris, Bass Pro Shops is a national leader in protecting habitat and introducing families to the outdoors and has been named by Newsweek as “America’s Best Outdoor Retailer” for four consecutive years and “America’s Most Trusted Retailer for Outdoor Gear.”

Northwood Hospitality (NWH) is a leading boutique hotel management company which operates a diverse portfolio of independent lifestyle boutique hotels, luxury resorts, urban hotels and select-service properties across the United States and is an approved management partner for leading global brands including Marriott, Hilton, Hyatt, and IHG. Northwood Hospitality provides expertise in operations, sales and marketing, revenue management, finance, human resources, food and beverage, procurement, and engineering to create exceptional guest experiences while maximizing owner returns. Since 2006, Northwood Hospitality has executed over $500 million in capital improvement projects. For more information, please visit https://northwoodhospitality.com/.

A cornerstone of the Islamorada community since 1946, Cheeca Lodge & Spa is set on a 27-acre private estate in the “Sportfishing Capital of the World.” Cheeca boasts 254 guestrooms, oceanfront suites and bungalows, and its signature feature is the classic 525 ft. wooden fishing pier. Cheeca guests can enjoy water sports activities and excursions, tennis and sports courts, a Jack Nicklaus-designed golf course, a Spa with seven treatment rooms, two family pool overlooking the Atlantic Ocean and one adults-only lap pool, poolside cabanas, two Tiki Bars, Camp Cheeca for children, over 14,500 square ft. of event space, and three distinctive restaurants. For more information visit www.cheeca.com