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

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

TRD MIAMI /
Apr.April 22, 2018 11:00 AM

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.

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. [HotelManagement.net]Mike Seemuth


Related Articles

arrow_forward_ios
State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Power restored after blackout envelopes West Side of Manhattan

Power restored after blackout envelopes West Side of Manhattan

Virgin Trains may announce 3 new train station sites in South Florida by year-end

Virgin Trains may announce 3 new train station sites in South Florida by year-end

arrow_forward_ios