Ashford Prime to Acquire Florida’s Ritz-Carlton Sarasota for $171 Million or $643K per Room

Ashford Hospitality Prime | February 16, 2018

Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") today announced that it has entered into a definitive agreement to acquire the 266-room Ritz-Carlton Sarasota in Sarasota, Florida (the "Ritz Sarasota" or the "Property") 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 drawing on its revolving credit line or securing a non-recourse mortgage loan on the property. As part of the transaction, the seller has agreed to provide a $5.5 million income guaranty to cover any decrease from 2017 hote...