DALLAS, Aug. 21,
2023 /PRNewswire/ -- Ashford Hospitality Trust, Inc.
(NYSE: AHT) ("Ashford Trust" or the "Company") today announced that
its Crowne Plaza La Concha Hotel in Key
West, Florida (the "Hotel") is on track to convert to a
Marriott Autograph Collection® property in 2024 at which time it
will be rebranded to 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 conversion of this iconic Key
West hotel to an Autograph Collection property will occur
upon the completion of a $35 million
renovation or Property Improvement Plan ("PIP").
The planned conversion will create a distinctive theme and style
for the Hotel that is commensurate with the upper-upscale/luxury
Autograph product. The PIP scope includes 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 will be
converted into premium roof-top suites.
The Company believes that post-conversion, the new Autograph La
Concha property could achieve a 20% to 30% RevPAR premium compared
to pre-conversion, and Remington Hospitality will continue to be
the property manager.
"Ideally located in Old Town Key West, the transformation of
this landmark hotel to an Autograph Collection property is expected
to elevate the property into a desirable niche in the
high-barrier-to-entry, high-RevPAR Key West market," commented
Rob Hays, Ashford Trust's President
and Chief Executive Officer. "We remain focused on maximizing the
value of our assets and look forward to realizing an enhanced
financial performance from this property post conversion."
The 160-room Hotel is 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 landmark hotel over the years,
including literary legends and dignitaries like Ernest Hemingway, Tennessee Williams, and
Harry Truman.
A unique and historic property, developer Carl Aubuchon opened this luxury hotel in 1926 -
the first of its kind on Key West.
The hotel was considered to be the height of elegance and modern
convenience, boasting marble floors, private baths, luxurious
décor, and sweeping ocean views.
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 Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the rebranding of the Hotel to Autograph La Concha, execution
and completion of the Project Improvement Plan, post-conversion
RevPAR premiums and the Company's strategy and future plans. 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: our ability to increase revenue at our properties; our
ability to repay, refinance, or restructure our debt and the debt
of certain of our subsidiaries; anticipated or expected purchases
or sales of assets; our projected operating results; completion of
any pending transactions; our understanding of our competition;
market trends; projected capital expenditures; the impact of
technology on our operations and business; general volatility of
the capital markets and the market price of our common stock and
preferred stock; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the markets 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. 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 these risks when you make an investment decision
concerning our securities. Investors should not place undue
reliance on these forward-looking statements. The Company can give
no assurance that these forward-looking statements will be attained
or that any deviation will not occur. 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, except to the extent
required by law.
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SOURCE Ashford Hospitality Trust, Inc.