Sarasota Ritz-Carlton sold for $171m

The Ritz-Carlton, Sarasota has been acquired by Dallas-based Ashford Hospitality Prime in a $171 million deal. Built in 2001,the 266 room property changed hands for just over $642,855 per room key. The sale of the 17-story tower includes a 26,000-square-foot beach club on Lido Key and a private 18-hole golf course on University Parkway east of Interstate 75. Amenities include 29,000 sqf of meeting space, a spa club, restaurants and bars and two pools. The firm also picked up a 22-acre parcel of land adjacent to the resort’s golf course in Lakewood Ranch, north of Sarasota County and east of Interstate 75 for $9.7 million. The asset, which is topped with 50 privately owned condos, will continue to be managed by Ritz-Carlton. The sale is expected to close in early April.

“The acquisition of the Ritz-Carlton Sarasota is an opportunity for us to acquire a luxury resort property with a premier location in the upscale and growing Sarasota market,” said Richard J. Stockton, Ashford Prime’s president and CEO. “This property fits perfectly with our strategy of owning luxury hotels and resorts, and further diversifies our portfolio while also increasing the overall RevPAR of our portfolio."