GBX Group Announces the Acquisition and Preservation of Ambrosia Key West

KEY WEST, FL - GBX Group LLC and the Florida Trust for Historic Preservation proudly announce the acquisition of Ambrosia Key West, located at 615 and 618 Fleming Street in Key West’s Historic District. Ambrosia Key West has been protected through a historic preservation agreement in collaboration with the Florida Trust for Historic Preservation, ensuring its historic character is protected in perpetuity.

“Nestled in the heart of Key West’s historic district, Ambrosia Key West is a charming hotel with palm-shaded courtyards", said Drew Sparacia, CEO of GBX Group. “Key West is renowned for its rich heritage, vibrant community and unique architectural character, which we are proud to help preserve for future generations through our company’s partnership with the Florida Trust for Historic Preservation.”

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Through a historic preservation agreement for the two Fleming Street properties in favor of The Florida Trust for Historic Preservation, Inc, GBX Group is assuring the property is protected and preserved in perpetuity. By leveraging various federal, state and local incentive programs, such as historic tax credits, project partners can access critical, non-traditional financing sources that make preserving these properties economically viable. A GBX fund, managed by GBX Fund Management Ltd., acquired Ambrosia Key West, marking the first historic properties in Key West that GBX companies have protected.

Ambrosia Key West has a rich history that reflects the island’s past and enduring charm. Originally constructed for immigrants from the Bahama Islands, the properties are representative of the island’s historical development and enduring design traditions. Located in Old Town, the buildings contain tropical gardens, inviting verandas and classic architectural features that capture the essence of Key West’s heritage.

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“Key West is a city like no other, and a huge part of what makes it so special is its history, and historic buildings standing as testaments to that past,” said Melissa Wyllie, CEO and President of the Florida Trust for Historic Preservation. “We are committed to protecting the full history and heritage of Florida, and we are grateful for our work with GBX Group that helps ensure these treasures remain part of Key West’s cultural fabric and are protected for generations to come.”

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Riley Hotel Group will be the property management firm to continue operating the hotel, while GBX companies plan to make select improvement to enhance the guest experience.

Photos by Rocky Tyrone Photography

About GBX Group LLC

GBX Group LLC specializes in acquiring, preserving and operating historic real estate in urban markets. The company partners with investors to fund the acquisition and preservation of historic real estate with the goal of generating community revitalization and economic growth. As of January 2025, GBX has been involved in 211 real estate projects in 24 states. For more about GBX, visit gbxgroup.com/

About Florida Trust for Historic Preservation

The Florida Trust for Historic Preservation is the statewide nonprofit dedicated to protecting Florida’s extraordinary heritage and history. Founded in 1978, the Florida Trust has collaborated to save irreplaceable Florida treasures like the Historic Florida Capitol and is a statewide partner of the National Trust for Historic Preservation. For more about the Florida Trust for Historic Preservation, please visit floridatrust.org/

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Contact: Kelsey Sparacia

Public Affairs & Marketing Associate

kelseysparacia@gbxgroup.com

513-432-6156