Market Overview

Team Gardner/Langley Represents Both Sides in Record-Setting Sale of Historic Key West Inns Lodging Portfolio



Claude Gardner and Will Langley, broker/owners of Berkshire Hathaway
HomeServices Knight & Gardner Realty, break their own record for sales
price of a Key West commercial property

Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family
of real estate brokerage franchise networks, today announced that the
Gardner/Langley Team at Berkshire Hathaway HomeServices Knight & Gardner
Realty completed sale of the Historic Key West Inns lodging portfolio
for $109 million.

KHP Capital Partners purchased Key West Inns, including the Key Lime
Inn, Lighthouse Court, Albury Court, Merlinn Inn, Chelsea House, Cypress
House – a total of 222 guest rooms – and associated office buildings and
parking lots. The company, a real estate private equity firm, focuses on
investment in premium boutique and independent hotels across North

The seller was Key West resident Julie Fondriest and her ownership team.
Fondriest began assembling the lodging portfolio in 1997. Each
well-appointed property is in Old Town Key West boasting island themes
and quaint, comfortable accommodations.

The transaction is the largest commercial sale recorded in the Key West
and Florida Keys Multiple Listing Service since the 2016 sale of Peary
Court, a $60-million deal involving a 24-acre townhome neighborhood
originally built as military housing. That sale also was handled by the
Gardner/Langley team.

"We are honored to be involved in such a special transaction, and are
ecstatic for our buyer and seller clients," said Will Langley. "The
transition will be a smooth one with no interruption at the properties
or to the guests."

"We are humbled that we were chosen to help navigate the sale of
Historic Key West Inns," said Claude Gardner. "All of our commercial
business is rewarding, yet this one is special because it involved a
principal who worked so hard and started her portfolio from one small
guesthouse on the island decades ago into one of the most prestigious
lodging portfolios in Key West. We congratulate Julie Fondriest as we do
KHP Capital Partners."

Langley added that the transaction was "home grown" with real estate and
legal representation all based in Key West. "That's appropriate because
Historic Key West Inns is so genuinely Key West and rooted in local
history. Each property will continue as a cherished destination for
Floridians and travelers from around the world."

Gino Blefari, president and CEO of Berkshire Hathaway HomeServices,
congratulated the Gardner/Langley team and its buying and selling
clients. "Claude Gardner and Will Langley continue to set the standard
for premier service and results in Key West real estate," Blefari said.
"We're proud of the Gardner/Langley Team and Berkshire Hathaway
HomeServices Knight & Gardner Realty, and we congratulate Julie
Fondriest and KHP Capital Partners for a win-win result on a very
important transaction within the community."

About Berkshire Hathaway HomeServices Knight & Gardner Realty

Knight & Gardner Realty is a full-service real estate brokerage serving
Key West, the Lower, Middle and Upper Keys and the Outlying Islands. The
brokerage, founded in 1957, is Key West's oldest real estate company and
a perennial market leader. Visit

About Berkshire Hathaway HomeServices

Berkshire Hathaway HomeServices, based in Irvine, CA, is a real estate
brokerage network built for a new era in residential real estate. The
network, among the few organizations entrusted to use the world-renowned
Berkshire Hathaway name, brings to the real estate market a definitive
mark of trust, integrity, stability and longevity. Visit

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