April 20--The sale of the Pier House Resort and Caribbean Spa, one of Key West's signature resorts, appears imminent, with a decision possible before the end of the month.

The likely buyer reportedly is Remington Hotels, a Dallas company that operates the Southernmost House, 1400 Duval St.; the Crowne Plaza La Concha Key West, 430 Duval St.; and the Inn at Key West, 3420 N. Roosevelt Blvd.

"They are in discussion with a buyer," said Jim Roop, spokesman for the Cleveland-based Pier House Joint Venture, which is controlled by the Jacobs family that used to own baseball's Cleveland Indians. "At this stage, it's not a done deal. At the time the deal, if it goes through, we'll be issuing a release at that time. I believe the buyers have at least another week to do their due diligence."

The 140-unit Pier House is actually four separate properties with a combined assessed value of $21.2 million. Rounded off, that breaks down to $14.5 million for the hotel at 1 Duval St., $2.8 million for a parking lot at 527 Front St., $2.6 million for a lease hold (leased property with improvements) at 529 Front St., and another lease hold at $1.3 million, also at 529 Front St.

Some in the hotel industry say the Pier House could go for $60 million or more.

The independent hotel is 40 years old and underwent a $12 million renovation in 2008. Amenities include a private beach, pool, three bars, restaurant, spa, fitness area and conference center.

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