Looe Key Reef Resort and Dive Center
Location: The property is located on the south side of Overseas Highway (U.S. Highway No. 1) at approximately Mile Marker 27.5 on Ramrod Key in Monroe County, Florida and consists of 1.67 acres.
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Property: The property consists of an operational tiki bar/restaurant and resort (motel, dive center/charter) including:
Tiki Bar/Restaurant: The receiver operated a 124 seat full service tiki bar per a 5-COP Liquor License issued by the State of Florida, Department of Business and Professional Requlation. The restaurant is a full service facility serving lunch and dinner. The Receiver worked with staff to re-brand the establishment, create a new menu, establish breakfast, nightly themes and special events. Band schedules were implemented to provide nightly live entertainment for patrons of the bar and restaurant. Both the bar and restaurant primarily service a local clientele and guests of the resort. Revenues exceed $1,200,000 annually. The Receiver is in the process of finalizing a BP Claim estimated at $250,000.
Resort: The Resort consists of the Motel and Dive Center:
- Motel Building: The Receiver operated a 24 room motel budget class facility (two-star). The Receiver developed marketing strategies to increase occupancy by entering into agreements with Online Travel Agencies (OTA's) and Key West Visitors Center as well as enhancing on-site signage.
- Dive Center: The Receiver operated Dive Shop which held a five star certification through the PADI (Professional Association of Diving Instructors). The shop offered several lines of dive equipment for sale. Dive instructions from beginning to advanced levels of diving were provided seven days a week within the resorts pool. Dive charters were offered via the Kokomo Cat II, a 45 foot catamaran. Charters were scheduled seven days a week, twice a day, weather permitting. The charters provide opportunities to both snorkel and scuba dive every day to visit the world renowned Looe Key Reef. Revenues exceed $1,000,000 annually.
Receivers Duties: Operate, manage, maintain, and account for all business operations of the property. Establish and implement marketing strategies for the above noted business units. Continually assess the operational characteristics of the facility and adjust operations as necessary. Analyze the financial characteristics and report the same on a monthly basis. Prepare inventory of all furniture, fixtures and equipment (FF&E) utilized to operate the property, place property and specialty insurance coverage's for the property and entities. Established employee leasing program through a Professional Employer Organization. The Receiver also negotiated a 60% reduction in the wastewater assessment to connect to public sewer service, from $365,820 to $135,000 with Monroe County Government.
Lender: Florida Community Bank.