After 28 years in Los Angeles, producer Jon Landau and his wife, Julie, have turned their $5.7 million vacation home on Plantation Key in Islamorada into a full-time residence—and a haven for a rotating series of guests. “It’s like a hotel,” says Ms. Landau, whose husband still shuttles to L.A. for the workweek. Visitors to their more than 6,000-square-foot home find welcoming personal touches, such as guest robes and a dish of custom M&Ms printed with Bali Hai, the name of their home, on each nightstand.

The Balinese-style home has two main bedrooms and three guest-bedroom “pods,” plus a first-floor apartment. The 4-acre estate also features a pool, tennis court and an outdoor living space, and boasts a tropical canopy forest. When the Landaus bought the property in 2010, “We were thinking it was a place we were just going to visit,” Ms. Landau recalls.