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Ritz-Carlton Sarasota Trading for $171M
Ashford Hospitality Prime, Inc. is buying the 266-room Ritz-Carlton Sarasota in Sarasota, FL from SLAB LLC, for $171 million. The Dallas-based investor plans to use balance sheet cash, as well as either drawing on its revolving credit line or securing a non-recourse mortgage loan to fund the acquisition that is expected to close in early April.
The seller will provide a $5.5 million income guaranty to cover any 2017 hotel gross operating profit decreases for up to three years. The deal also includes a 22-acre plot of vacant land, which was picked up for $9.7 million, and is being entitled for residential development.
Located on Sarasota Bay in downtown Sarasota, 60 miles south of Tampa, the property was built in 2001. It offers an array of amenities, including a 26,000-square-foot Beach Club with 410 feet of beachfront, a Tom Fazio-designed Golf Club, a 15,000-square-foot Spa Club, and eight food and beverage outlets.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition