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.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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