DALLAS, July 7, 2015 /PRNewswire/ --
Highlights:
- Rebranding follows $26 million of
extensive renovations
- Property serves as the only full-service Marriott Hotel in the
Beverly Hills and surrounding
area
- Repositioning expected to significantly accelerate RevPAR
growth
Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or
the "Company") announced today that it has completed the conversion
of the 260-room Beverly Hills Marriott, formerly the Crowne Plaza
Beverly Hills. The rebranding follows an extensive
$26 million renovation of all guest
rooms and public space, as well as exterior enhancements. The
newly-minted Beverly Hills Marriott will continue to be managed by
Remington Lodging & Hospitality.
Located on Beverly Drive, between Olympic and Pico Boulevards,
the property is now the only full-service Marriott Hotel located in
the Beverly Hills/Century City/West
Los Angeles market. The hotel boasts an excellent
location within walking distance of the Beverly Hills Triangle and
its famed Rodeo Drive. Century
City, Farmer's Market and a number of Hollywood studios are also within close
proximity of the property.
"With its prime Beverly Hills
location, we expect the conversion to the Marriott brand to drive
significant value at this property," said Monty J. Bennett, Ashford Trust's Chairman and
Chief Executive Officer. "We anticipate the comprehensive
renovations and upgrades coupled with the strong brand to
meaningfully accelerate the hotel's RevPAR through a higher average
daily rate and our ability to capture a larger portion of the
corporate transient segment. As the only full-service
Marriott hotel in this market, the property will capitalize on the
many Marriott Rewards members who desire a full-service Marriott
product, but prior to the conversion were limited to select-service
brand options in this high demand market."
The completely renovated property features 260 guest rooms,
including 10 suites. Public space renovations and exterior
enhancements enrich the sense of arrival for guests. The hotel now
features Marriott's Great Room concept with a completely renovated
lobby, new full-service restaurant serving American cuisine with a
California flair, a new lobby bar,
as well as a Club Lounge providing private food and beverage
services for the hotel's concierge guests.
The expanded and modernized outdoor pool area includes an ample
sized deck for receptions as well as an "outdoor living room"
providing oversized chaise lounges and dining spaces for cocktails,
snacks and complete meals.
The property's 12-story structure offers panoramic views of
Century City, Downtown and the
Hollywood Hills. Full guestroom renovations include the
newest state of the art Marriott guestroom design, all new
furniture and fixtures, upgraded bedding packages and expanded and
enhanced bathrooms.
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry in upper upscale, full-service hotels.
Follow Chairman and CEO Monty
Bennett on Twitter at
www.twitter.com/MBennettAshford or @MBennettAshford.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
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 Private
Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Trust's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; and the degree and nature of our competition. These
and other risk factors are more fully discussed in Ashford Trust's
filings with the Securities and Exchange Commission.
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 are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
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SOURCE Ashford Hospitality Trust, Inc.