Gardere Partners Cynthia Nelson and Deirdre B. Ruckman recently represented Ashford Hospitality Trust in its $90 million acquisition and $69 million property level debt financing of Pier House Resort and Caribbean Spa, a 142-room resort located in Key West, Florida. The financing consisted of three loans, and Ashford replaced the current property manager with Remington Lodging, which manages three hotels also in Key West.
In an article in Hotel Investment News, Ashford CEO Monty J. Bennett stated, "We are very pleased to announce this acquisition of a very high quality hotel in a great market like Key West. … [T]he Pier House Resort offered us a very unique opportunity, given its recent renovation, its prime location in Key West, and the significant operational synergies with Remington's existing presence in that market."
Ms. Nelson practices in Gardere's Real Estate Practice Group and is on the Hospitality Industry Team. She has vast experience in handling complex real estate and finance transactions. Ms. Ruckman, who practices in the Bankruptcy and Business Reorganization Group, is also on Gardere's Hospitality Industry Team.