Description Sun, sea, and sand are key parts of the business mix for HMG/Courtland Properties, a real estate investment trust (REIT) that owns and manages commercial properties in the Miami area. The company owns the posh Grove Isle -- a Coconut Grove-area luxury resort, which includes a hotel, restaurant, spa, and marina. The property, managed by Grand Heritage Hotel Group, accounts for about 70% of HMG/Courtland's rental income. The REIT also holds a 50% interest in a 16,000 sq. ft. seafood restaurant at the marina, in addition to a 5,000 sq. ft. corporate office building. HMG/Courtland has two properties held for development in Rhode Island and Vermont and has equity interests in other commercial real estate operations.