Hospitality REIT pays $643,000 per key for Ritz-Carlton Sarasota

Ashford Hospitality Prime bought the 297-key, waterfront hotel in Sarasota for $171M

Ritz-Carlton Sarasota
Ritz-Carlton Sarasota

A Ritz-Carlton hotel built along a bay in Sarasota sold for a lofty $643,000 per key.

Ashford Hospitality Prime, a real estate investment trust (REIT), paid $171 million for the Ritz-Carlton Sarasota, plus another $9.7 million for a 22-acre vacant lot near the hotel.

The hotel has 266 guestrooms and 31 suites. Common-area attractions include a 27,000-square-foot beach club, a 15,000-square-foot spa and a Tom Fazio-designed, 18-hole golf course.

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The $171 million Ritz deal closed amid a limited supply of luxury hotels along near beaches and few new ones in development, according to one of the leaders of a team at JLL that arranged the sale.

“Investor demand for luxury beachfront resorts is peaking due to the limited-to-no new supply on the horizon throughout the Florida market,” Andrew Dickey, senior vice president of JLL, said in a prepared statement.

Dickey and Gregory Rumpel, managing director, led the JLL team that arranged the sale of the hotel, which will continue to operate as a Ritz-Carlton property. []Mike Seemuth