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GBX Group and Marcus & Millichap Announce Acquisition of NYAH Key West in Transaction Brokered by Marcus & Millichap
GBX Group
August 17, 2026
nyah

KEY WEST, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, and GBX Group LLC (“GBX”) today announced the sale and acquisition of Not Your Average Hotel (“NYAH”) Key West, a distinctive boutique hospitality property located in the heart of Key West’s historic Old Town. 

A GBX fund, managed by GBX Fund Management Ltd., acquired the property, marking the sixth project that GBX affiliates have acquired in Florida and further expanding the firm’s presence in Key West.

“This transaction reflects the unrelenting demand for Florida Keys real estate from buyers who are institutional in profile and looking to capitalize on rate growth and the market’s unmatched barriers to entry,” said Leo Reilly, Senior Associate in Marcus & Millichap’s Fort Lauderdale office. “We look forward to seeing GBX’s vision for this irreplaceable location and its unique layout realized.”

Reilly and Robert Hunter of Marcus & Millichap exclusively marketed the property on behalf of the seller, a Miami-based partnership, working in partnership with Will Langley, principal broker with Berkshire Hathaway HomeServices Keys Real Estate | Knight & Gardner Realty, to procure the buyer. 

Located at 420 Margaret Street,. at the corner of Fleming and Margaret streets, NYAH sits within the Key West Historic District, surrounded by the boutiques, galleries, restaurants and historic character that define Old Town. The property encompasses approximately 14,161 square feet on 0.61 acres, includes 35 guest rooms and traces its history to 1892. 

The Key West Historic District is recognized for its distinctive historic architecture and its  place in South Florida’s maritime, military, and commercial development. Key West’s strategic location supported its growth as a major port, wrecking center, customs station, and naval base, while influences from Cuban and Bahamian communities helped shape the city’s economy and cultural identity. The district is particularly known for its wood-frame “Conch” or Bahama houses, whose design reflects both the city’s diverse heritage and practical adaptations to Key West’s tropical climate. 

For GBX, the acquisition represents an opportunity to steward the next chapter of a distinctive property in the heart of Key West. With a focus on thoughtful reinvention, GBX intends to explore ways to reimagine the space and breathe new life into the property for future visitors while respecting the character and sense of place that make Key West unique.

“We’re thrilled to add another project to our growing portfolio of assets in Key West,” said Drew Sparacia, Founder and CEO of GBX. “Properties like NYAH have a character and story that simply can’t be replicated. We’re honored to have the opportunity to steward its next chapter and explore what this special place can become for future generations of visitors to Key West.”

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About Marcus & Millichap, Inc. (NYSE: MMI) 

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.   

 

About GBX Group  

Cleveland-based GBX Group LLC focuses on raising capital for the purposes of investing in real estate across the United States. GBX partners with local stakeholders, municipalities, and developers to restore historic buildings in urban markets, driving community revitalization and long-term value creation. GBX has an extensive track record in adaptive reuse projects and is recognized as a leader in leveraging historic tax credits and public-private partnerships to reposition legacy properties. As of January 2026, GBX has been involved in more than 200 real estate projects across 24 states, representing over $1 billion in capital deployed through a combination of equity, debt, historic tax credits, and public-private financing. This experience has established GBX as a trusted capital partner with a proven ability to structure and execute complex real estate transactions. For more about GBX, visit www.gbxgroup.com.