Ashford Hospitality Prime paid $171m for the Ritz-Carlton Sarasota. The sale also includes a 22-acre vacant lot near the hotel that traded for $9.7m. The property includes 266 rooms and 31 suites, a 27,000 sq ft beach club, a 15,000 sq ft spa and an 18-hole golf course. The sale was financed with a $100m nonrecourse mortgage loan. The property will continue to operate as a Ritz-Carlton hotel under a management agreement with The Ritz-Carlton Hotel Company. JLL arranged the sale on behalf of the seller, SLAB.
“The Ritz-Carlton Sarasota is a well-established landmark in one of the most upscale markets in Florida. It’s solid financial track record and commanding market position provide the new ownership with an irreplaceable resort in a segment that continues to grow along with the demographics of the west coast of Florida,” said Gregory Rumpel, managing director of JLL.
