The Real Deal Miami

Ritz-Carlton, St. Thomas, commands $64 million

Marriott International sold the renovated resort to Ashford Hospitality Prime

December 26, 2015 11:00AM

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The 180-room Ritz-Carlton, St. Thomas

The 180-room Ritz-Carlton, St. Thomas

Marriott International sold the Ritz-Carlton, St. Thomas, in the U.S. Virgin Islands for $64 million, according to real estate brokerage CBRE.

The new owner is Ashford Hospitality Prime, also known as Ashford Prime, is a real estate investment trust (REIT) focused on investing in luxury hotels. The resort will continue to operate under the Ritz-Carlton brand under a long-term management agreement.

A unit of CBRE called CBRE Hotels arranged the sale of the Ritz-Carlton, St. Thomas, a 180-room property at a 30-acre oceanfront location.

U.S. News and World Report this year named the Ritz-Carlton St. Thomas one of the best hotels in the U.S. Virgin Islands.

The resort hotel was built in 1992 and has operated as a Ritz-Carlton property since 1996. A renovation of the property costing $22.2 million was completed in January 2014.

Recreational amenities include a beachfront infinity-edge swimming pool and Jacuzzi, a kiddie pool with two fountains, two additional swimming pools and Jacuzzis, a 2,000-square-foot fitness center, and two tennis courts with a synthetic grass surface.

CBRE Hotels’ Christian Charre, Paul Weimer and Natalie Castillo marketed the property on behalf of Marriott International.