Maryland-based Baywood Hotels has purchased the Key Colony Bay Resort in Marathon Key for an undisclosed amount. The oceanfront resort located at 13351 Overseas Highway in Marathon sits on 4.4 acres of land with 80 rooms. The sellers, Peebles Corporation bought the property in 2007 for $28 million. According to its website, Baywood owns and operates over $800m in assets and employs over 1,000 people. Baywood operates four South Florida hotels.
