Real EstateAcquisitionsAshford Hospitality Prime Acquires Ritz-Carlton Sarasota

Ashford Hospitality Prime Acquires Ritz-Carlton Sarasota

Ashford Hospitality Prime entered into a definitive agreement to acquire the 266-room Ritz-Carlton Sarasota in Sarasota, Fla. for $171 million ($643,000 per key). To fund the acquisition, the company plans to use cash on its balance sheet as well as either draw on its revolving credit line or secure a non-recourse mortgage loan on the property. The acquisition is expected to close in early April subject to customary closing conditions.

As part of the transaction, the seller has agreed to provide a $5.5 million income guaranty to cover any decrease from 2017 hotel gross operating profit for up to three years, subject to certain conditions. In addition, Ashford Prime is also acquiring a 22-acre plot of vacant land for $9.7 million for residential development adjacent to the golf course.

“The acquisition of the Ritz-Carlton Sarasota is an opportunity for us to acquire a luxury resort property with a premier location in the upscale and growing Sarasota market,” says Richard J. Stockton, Ashford Prime’s president and CEO. “This property fits perfectly with our strategy of owning luxury hotels and resorts and further diversifies our portfolio while also increasing the overall RevPAR of our portfolio, which is already the highest among our hotel REIT peers.”

Ritz-Carlton Sarasota Suite living room

Located on Sarasota Bay in downtown Sarasota, Ritz-Carlton Sarasota is in one of country’s fastest growing markets. Sarasota, located approximately 60 miles south of Tampa, is a popular and growing upscale, year-round destination on the west coast of Florida. Beyond the hotel experience, guests have easy access to the Sarasota area’s many amenities and activities, including dining and shops, art galleries, beaches, museums, boating, fishing, and golfing.

The Ritz-Carlton Sarasota was built in 2001 and has 266 rooms, including 31 suites. The resort also offers an array of amenities, including a 26,000 sq. ft. Beach Club with 410 feet of beachfront, a private Tom Fazio-designed Golf Club, a 15,000 sq. ft. Ritz-Carlton Spa Club, eight food and beverage outlets, including the Jack Dusty waterfront restaurant, 29,000 sq. ft. of flexible indoor meeting space, two outdoor pools, a 24-hour fitness club, lighted tennis courts, and the Ritz Kids Club. This property received over $21 million in capital improvements during the past few years. Post-closing, the property will continue to be managed by Ritz-Carlton.

In addition, the Ritz-Carlton Sarasota has been the recipient of numerous awards, including the AAA Five Diamond Lodging Award.

RELATED ARTICLES

Marriott International Announces Agreements to Bring Three Brands to Calgary

Marriott International, Inc. and Truman announced plans to open three hotels in Calgary, including W Calgary, JW Marriott Calgary, and an Autograph Collection Hotel...

Extended Stay Lodging Association and Kalibri Announce Third Regional ExStay Workshop

WASHINGTON—The Extended Stay Lodging Association (ESLA) and Kalibri announced the third quarterly event in their ExStay Workshop series, scheduled for July 30, 2025, in...

Canopy by Hilton Debuts in Nashville, Tennessee

NASHVILLE, Tennessee—Hilton lifestyle brand Canopy by Hilton has debuted in Nashville with the opening of Canopy by Hilton Nashville The Gulch. The hotel includes...

Dreamscape Hospitality Adds Cougar Ridge Resort to Portfolio

DALLAS, Texas—Dreamscape Hospitality has added Cougar Ridge Resort in Torrey, Utah, to its portfolio. The property is located in Utah’s red rock country just outside...

This Week’s Comings & Goings

The Plasencia Group announced the appointment of Jennifer Connell as senior vice president – strategic advisor. Lark announced the appointment of Daniela Burga as vice president...

Mission Control: Evolving Property Management Systems Take Hotel Operations to New Heights

Guests expect personalized, efficient service, frontline hotel teams expect to have the bandwidth to deliver that service and succeed in their jobs, and managers...