The Ritz-Carlton St...
 
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The Ritz-Carlton St Thomas has a new owner.

 
Alana33
(@alana33)
Expert

The Ritz-Carlton St Thomas has a new owner.

http://caribjournal.com/2015/11/25/the-ritz-carlton-st-thomas-has-been-sold/

The property, which recently underwent a $22 million renovation, is being acquired by Dallas-based Ashford Hospitality Prime for $64 million from Marriott International.

The deal for the 180-room hotel in the US Virgin Islands is expected to close within 30 days.

Ashford said it intended to finance the property with $40 million of non-recourse mortgage debt.

It will continue to be operated as a Ritz-Carlton resort.

“We are thrilled to expand the Prime portfolio to the Caribbean with a property of this caliber,” said Monty J. Bennett, Ashford Prime’s Chairman and Chief Executive Officer. “The Ritz-Carlton St. Thomas is an iconic US Virgin Islands hotel, underscoring our strategy of investing in high quality, luxury assets in gateway and resort markets. Located in a stable market with high barriers to entry, where tourism trends remain positive, this property will be a fantastic addition to our portfolio at what we believe is a great value.”

Bennett said the resort’s RevPAR of more than $430 was “ramping strongly, outperforming its competitive set.”

He also said the company had the ability to expand the resort further through “additional keys and villas.”

“With the extremely high quality of this resort, strong cash flow, and meaningful growth opportunities, we believe this is a very attractive acquisition for our shareholders,” he said.

Ashford Hospitality Prime is a real estate investment trust focused on investing in luxury hotels and resorts.

The property is the second Ritz-Carlton Caribbean property to be sold in two years, following the high-profile sale of the Ritz-Carlton Rose Hall in Jamaica in 2013.

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Topic starter Posted : November 25, 2015 11:42 pm
stxisbest
(@stxisbest)
Advanced Member

I opened this and expected to see it was bought by Mapp.

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Posted : November 26, 2015 10:16 pm
East Ender
(@east-ender)
Expert

"He also said the company had the ability to expand the resort further through “additional keys and villas.”

Um, what "keys"? Did they also buy land out on the point?

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Posted : November 27, 2015 11:43 am
Exit Zero
(@exit-zero)
Trusted Member Registered

I think the 'keys' part means that there are rooms that can be converted and split into 2 rental units if needed.

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Posted : November 27, 2015 1:20 pm
East Ender
(@east-ender)
Expert

Oh. I thought they meant "cays" and were planning new villas somewhere else. Also, there was land that Lionstone owns or owned that I thought was supposed to be Ritz eventually.

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Posted : November 27, 2015 5:12 pm
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