DALLAS, Aug. 22, 2023 — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today announced that its Crowne Plaza La Concha Hotel in Key West, Florida (the “Hotel”) is on track to convert to a Marriott Autograph Collection® property in 2024 at which time it will be rebranded to Autograph La Concha.  Marriott’s Autograph Collection Hotels feature a diverse portfolio of approximately 200 independent hotels around the world that reflect a unique vision, design, and environment.

The conversion of this iconic Key West hotel to an Autograph Collection property will occur upon the completion of a $35 million renovation or Property Improvement Plan (“PIP”).

The planned conversion will create a distinctive theme and style for the Hotel that is commensurate with the upper-upscale/luxury Autograph product. The PIP scope includes transforming the lobby, bar, and restaurant, as well as upgrading the exterior, guestrooms, guest bathrooms, corridors, pool, and meeting space.  As part of the renovation, the previously underutilized spa will be converted into premium roof-top suites.

The Company believes that post-conversion, the new Autograph La Concha property could achieve a 20% to 30% RevPAR premium compared to pre-conversion, and Remington Hospitality will continue to be the property manager.

“Ideally located in Old Town Key West, the transformation of this landmark hotel to an Autograph Collection property is expected to elevate the property into a desirable niche in the high-barrier-to-entry, high-RevPAR Key West market,” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “We remain focused on maximizing the value of our assets and look forward to realizing an enhanced financial performance from this property post conversion.”

The 160-room Hotel is situated on Duval Street in the heart of Old Town Key West and is within walking distance of major attractions, shopping, entertainment, and nightlife. It is also centrally located near numerous water-sport opportunities including exceptional beaches, diving, and snorkeling.  Near-by attractions include Mallory Square, The Hemingway Home and Museum, Truman Little White House, and Mel Fisher Maritime Museum. Many notable guests have stayed at the landmark hotel over the years, including literary legends and dignitaries like Ernest Hemingway, Tennessee Williams, and Harry Truman.

A unique and historic property, developer Carl Aubuchon opened this luxury hotel in 1926 – the first of its kind on Key West. The hotel was considered to be the height of elegance and modern convenience, boasting marble floors, private baths, luxurious décor, and sweeping ocean views.

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

SOURCE Ashford Hospitality Trust, Inc.