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Ashford Prime Enters Sales Agreement for Ritz-Carlton Sarasota

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Ashford Hospitality Prime Inc., based out of Dallas, has entered into an agreement to acquire the Ritz-Carlton Sarasota hotel at 1111 Ritz Carlton Dr. in Sarasota, FL. The estimated purchase price of $ 171 million would result in year-one CAP rate of 6 percent, according to sources. Built in 2001, the 266-room, 775,013-square-foot hospitality building sits on 7.7 acres in the Sarasota submarket of Sarasota County, roughly 60 miles south of Tampa…
Tampa/St. Petersburg Commercial Real Estate News From CoStar Group

Post Tagged with Agreement, Ashford, Enters, Prime, RitzCarlton, Sales, Sarasota

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