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Dallas Investor Picks Up Ritz-Carlton Sarasota for $171M
Dallas-based Ashford Hospitality Prime, Inc. completed the acquisition of the 266-room Ritz-Carlton Sarasota in Sarasota, FL for $171 million, or $643,000 per key. The company also closed on the acquisition of a 22-acre plot of vacant land for $9.7 million that is currently entitled for residential development adjacent to the golf course.
Concurrent with the completion of the acquisition, the company has financed the hotel with a $100 million non-recourse mortgage loan. This loan provides for a floating interest rate of LIBOR + 2.65% with a five-year term, and is interest-only for the first two years and then amortizes 1% annually for the remaining term of the loan.
The property will continue to be operated as a Ritz-Carlton.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition