A waterfront resort and marina in the Florida Keys, known as Sugarloaf Lodge & Marina, has been listed for sale at $45 million. The property, located near mile marker 17 at 17001 Overseas Highway, covers more than 10 acres and includes 31 hotel rooms along with commercial space.
The listing is being handled by Lisa Swanson of The Agency Florida Keys and Jamie Bederak of The Agency Miami. According to Swanson, the site comes with development rights to rebuild 24 hotel keys that were lost during Hurricane Wilma in 2005. The asking price translates to approximately $1.45 million per hotel key.
Sugarloaf Lodge was originally constructed in the late 1950s by a Pennsylvania strip mining company responsible for much of Sugarloaf Key’s early development. Additional structures were added in the 1960s. In 1973, Lloyd and Miriam Good purchased the property and moved there with their four children to manage the resort.
Currently, ownership rests with an entity called Miriam BG, led by John Good and Caren Ward—children of Lloyd and Miriam Good—as well as Jessica Duncan Wex and Katchen Elizabeth Duncan, who are John Good’s nieces.
The property spans nearly 10.6 acres and features a hotel measuring about 12,700 square feet and a restaurant of roughly 5,300 square feet leased to South of the Seven. Other amenities include a tiki bar, events venue, office space (some leased to kayak/boat rental companies and a solar energy firm), an apartment, marinas, a pool, and tennis courts.
Much of the original Mid-Century Modern decor remains intact in the hotel rooms. While full redevelopment is possible under current regulations—though it would require greater setbacks from the bay—the right to develop an additional 24 hotel keys remains legally vested with this site. Monroe County currently limits building heights to 38 feet but may consider raising this limit for residential buildings.
John Good shared memories from his upbringing on the property: “Crazy times,” he said. “It was the ’70s and ’80s … a lot of characters.” He recalled how their family hosted daily dolphin shows at five o’clock each evening. One dolphin named Dolly had escaped from U.S. Navy captivity before coming to Sugarloaf Lodge; Jacques Cousteau studied her intelligence there for one of his books. Another dolphin named Sugar performed until her death in 1997.
Good also mentioned notable guests such as actor Paul Newman—who discussed Kenyon College with him—and journalist Hunter S. Thompson: “Thompson ‘was kind of part of our family for a couple of years,’” he said.
The Florida Keys have seen increased investment during recent real estate booms in South Florida. In Islamorada, Barstool Sports owner Dave Portnoy bought a waterfront mansion for $27.8 million last October (https://therealdeal.com/miami/2024/01/09/barstools-dave-portnoy-buys-islamorada-mansion-for-28m/). Also in Islamorada last year, Frisbie Group sold Islands of Islamorada—a resort featuring villas and an eight-key hotel—for $72 million; Wills Companies subsequently began selling those villas (https://therealdeal.com/miami/2024/03/07/frisbie-group-sells-islands-of-islamorada-resort-for-72m-to-wills-companies/). In Key West during 2023, Key International acquired Perry Hotel for over $37 million while Integra Investments paid nearly $30 million for its neighboring marina (https://therealdeal.com/miami/2023/06/15/key-international-buys-perry-hotel-in-key-west-for-38m/, https://therealdeal.com/miami/2023/11/16/perry-marina-in-key-west-sells-for-30m-to-integra-investments-and-mast-capital-partnered-on-the-deal).
