PR Newswire covered the announcement of Ashford Hospitality Trust in its $90 million acquisition of Pier House Resort and Caribbean Spa, a 142-room resort located in Key West, Florida. The company is currently in the market evaluating property level debt financing for the acquisition. The Pier House Resort will be managed by Remington Lodging, now managing four hotels in Key West.
"The Pier House Resort acquisition demonstrates our ability to add a high RevPAR hotel to our portfolio in an attractive market," said Monty J. Bennett, Ashford's Chairman and Chief Executive Officer, said. "Given the Pier House's prime location in Key West and difficulty adding rooms in that area due to the local Rate of Growth Ordinance or 'ROGO', this hotel presented a compelling investment opportunity."
Gardere Real Estate Partner Cynthia Nelson and Bankruptcy and Business Reorganization Partner Deirdre B. Ruckman represented Ashford Hospitality Trust.
Access to the full press release can be found here.
