Bass Pro Shops Lands in Florida Keys With Luxury Resort Acquisition

Bass Pro Shops, the Springfield, Missouri-based outdoor retailer famous for its cavernous stores adorned with waterfalls and live fish tanks, has purchased a luxury fishing resort in the Florida Keys, marking the company's most aggressive push yet into destination hospitality.

The acquisition positions Bass Pro Shops to capture a lucrative slice of the sport-fishing tourism market, where affluent anglers routinely spend thousands per day on charter boats, gear, and waterfront accommodations. Rather than simply selling equipment to these consumers, the retailer now aims to own the full experience — from the hotel room to the boat deck.

Key Details

The buyer, Bass Pro Shops, operates nearly 200 U.S. stores and acquired Cheeca Lodge & Spa in Islamorada from seller Northwood Investors for over $300 million, according to Bisnow. Daniel Peek of JLL's hotel and hospitality group brokered the transaction.

Cheeca Lodge & Spa, founded in 1946, is an upscale fishing resort catering to serious sport-fishing enthusiasts who travel to the Keys for tarpon, bonefish, and permit — the region's prized inshore species. The property comprises 254 rooms across 26 buildings, three restaurants, a nine-hole golf course, spa, saltwater lagoon, three pools, and a 525-foot fishing pier. Northwood Investors, which acquired Cheeca in 2011, subsequently added 43 oceanfront suites, a 10,000-square-foot conference center, and 11 luxury casitas.

Market Context

The Florida Keys hospitality sector has been on a multi-year run, with revenue per available room consistently outpacing statewide averages. The Keys present a constrained market for new development, given strict environmental regulations and limited available land, driving sustained investor interest in existing assets.

According to Bisnow, the deal reflects a broader strategy by Bass Pro Shops founder Johnny Morris, who has spent the past decade building out a portfolio of experiential properties. That includes Big Cedar Lodge in Missouri's Ozark Mountains and Bass Pro Shops' multiple resort properties, which collectively host over 7 million visitors annually. Morris said of the acquisition: "We're humbled and honored to have the opportunity to help protect it and carry that story forward."

For commercial real estate professionals, the acquisition underscores a pattern that has accelerated since 2020: brands with passionate, niche followings are increasingly acquiring hospitality assets rather than leasing retail space. The logic is straightforward — these companies understand their customer's spending psychology and can generate higher margins by controlling the destination, not just the point of sale.

Comparable moves include REI's adventure travel division, which partners with lodges and outfitters globally, and Yeti's expanding footprint in content-driven experiential marketing. But Bass Pro Shops is going further by owning the underlying real estate.

For a privately held company with Morris at the helm, the long-term hold strategy aligns with his pattern of patient, brand-building investments rather than short-term yield optimization. Expect further moves into destination hospitality as outdoor brands compete not just for shelf space, but for the entire consumer weekend.

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