Colliers International Hotels Group has been tapped to market and sell the 91-acre private island resort development of Deep Water Cay. The property is located 120 miles east of Palm Beach in the heart of the East Grand Bahama National Park. The sale includes the existing resort along with a second resort featuring overwater bungalows and more than 48 private, oceanfront residential lots. An approval in principle is also included that will allow for the construction of 68 additional resort units, 25 two and three-bedroom cottages, 23 custom built residences, 20 overwater bungalows and expansion of the existing 4,200-foot runway.
Founded in 1958 by two fishing legends, Palm Beach guide Gil Drake Sr. and “Field & Stream” editor A.J. McClane, the boutique fishing lodge resort has become a popular sport fishing destination. The seller, Deep Water Cay Holdings, LTD acquired the asset in 2009 and has invested more than $18 million in improvements.
“The vision for the property is two luxury resorts, one with overwater bungalows and partial overwater spa and the other as Fisherman’s Village Resort,” explained Kent Schwarz of Colliers International Hotels who is also marketing the property with Lillis. “Key Approvals in Principle are in place and a Heads of Agreement is being finalized that will allow the transfer of these approvals to new ownership.”
