The nation’s largest lodging investment trust has purchased Baker’s Cay Resort for $200 million.

Host Hotels and Resorts Inc. owns 78 properties in the United States and five internationally for a total of approximately 47,499 rooms. The company also holds non-controlling interests in six domestic and one international joint ventures.

The 200-room Baker’s Cay, located at mile marker 97 in Key Largo, is the company’s first hotel in the Florida Keys.

“After a complete $63 million renovation and repositioning in 2019, Baker’s Cay shows like a new resort,” said James F. Risoleo, president and CEO of Host Hotels and Resorts. “The Florida Keys market benefits from excellent supply-demand dynamics owing in part to strict development ordinances, which have led to the highest 2019 upper-scale RevPAR (revenue per available room) of any market in the U.S.”

Available rooms at Baker’s Cay have been going for $500-plus a night in recent months, and Risoleo anticipates the resort to deliver more than $300 per available room throughout 2021.

Situated on 13 acres of bayfront land, the resort is 65 miles from Miami International Airport and features 26,000 square feet of meeting space, including a 6,900-square-foot event lawn and four food and beverage outlets. Amenities include a private beach and swimming area, spa, salon, dock, fitness center and two outdoor pools.