DALLAS, Dec. 9, 2024
/PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT)
("Ashford Trust" or the "Company") announced today that its Crowne
Plaza La Concha Hotel in Key West,
Florida (the "Hotel") has completed the conversion to a
Marriott Autograph Collection® property and is now called the
Autograph La Concha. Marriott's Autograph Collection® Hotels
feature a diverse portfolio of approximately 200 independent hotels
around the world that reflect a unique vision, design, and
environment.
The Hotel recently completed a $35
million transformative renovation, and the conversion
creates a distinctive theme and style for the Hotel that is
commensurate with the upper-upscale/luxury Autograph product. The
renovation scope, completed by Premier, included transforming the
lobby, bar, and restaurant, as well as upgrading the exterior,
guestrooms, guest bathrooms, corridors, pool, and meeting
space. As part of the renovation, the previously
underutilized spa has been converted into premium roof-top suites
with some of the best views in Key
West.
"With the conversions of La Concha and Le Pavillon expected to drive 20–30% premiums to
pre-conversion RevPAR, we continue to strategically position our
portfolio to meaningfully outperform in 2025 and beyond," said
Stephen Zsigray, Ashford Trust's
President and Chief Executive Officer. "The recently announced
planned sale of Courtyard Boston Downtown at a very attractive cap
rate, along with these two brand elevations, further demonstrates
that we are delivering exceptional value within our portfolio,
particularly in comparison to our current equity market cap."
The 160-room Hotel is ideally situated on Duval Street in the
heart of Old Town Key West and is within walking distance of major
attractions, shopping, entertainment, and nightlife. It is also
centrally located near numerous water-sport opportunities including
exceptional beaches, diving, and snorkeling. Near-by attractions
include Mallory Square, The
Hemingway Home and Museum, Truman Little
White House, and Mel Fisher Maritime Museum. Many notable
guests have stayed at the historic landmark hotel over the years,
including literary legends and dignitaries like Ernest Hemingway, Tennessee Williams, and former
U.S. President Harry Truman.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the federal
securities regulations. Forward-looking statements are generally
identifiable by use of forward-looking terminology such as "may,"
"will," "should," "potential," "intend," "expect," "anticipate,"
"estimate," "approximately," "believe," "could," "project,"
"predict," or other similar words or expressions. Additionally,
statements regarding the following subjects are forward-looking by
their nature: our business and investment strategy; anticipated or
expected purchases, sales or dispositions of assets; our projected
operating results; completion of any pending transactions; our plan
to pay off strategic financing; our ability to restructure existing
property-level indebtedness; our ability to secure additional
financing to enable us to operate our business; our understanding
of our competition; projected capital expenditures; and the impact
of technology on our operations and business. Such forward-looking
statements are based on our beliefs, assumptions, and expectations
of our future performance taking into account all information
currently known to us. These beliefs, assumptions, and expectations
can change as a result of many potential events or factors, not all
of which are known to us. If a change occurs, our business,
financial condition, liquidity, results of operations, plans, and
other objectives may vary materially from those expressed in our
forward-looking statements. You should carefully consider this risk
when you make an investment decision concerning our securities.
These and other risk factors are more fully discussed in the
Company's filings with the SEC.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We will not publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or circumstances, changes in expectations or
otherwise except to the extent required by law.
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SOURCE Ashford Hospitality Trust, Inc.