News

Ashford Prime Completes $64 Million Purchase of Ritz-Carlton St Thomas

By: Caribbean Journal Staff - December 21, 2015

Ashford Hospitality Prime has completed its purchase of the Ritz-Carlton St Thomas for $64 million, the company announced.

Concurrent with the completion of the deal, Ashford has financed the hotel with a $42 million non-recourse mortgage loan.

The property will continue to be operated as a Ritz-Carlton under a long-term management deal with Ritz-Carlton, the company said.

CBRE Hotels arranged the sale of the property; CBRE’s Christian Charre, Paul Weimer and Natalie Castillo marketed the property on behalf of Marriott International.

“Ashford acquired a jewel on the island of St. Thomas,” said Charre, who is Senior Vice President at CBRE Hotels. “This fully renovated property is one of the best performing assets in the Caribbean, appealing to incentive groups and families alike, and consistently receiving great reviews from guests.   The sale generated strong interest resulting in a mutually beneficial transaction and an attractive long-term management agreement for Marriott.”

st thomas

“We are excited to complete the acquisition of this iconic US Virgin Islands hotel as we believe it is a very attractive acquisition for our shareholders,” said Monty Bennett, Ashford Prime’s Chairman and Chief Executive Officer.  “With the extremely high quality of this resort, strong cash flow, and meaningful growth opportunities, The Ritz-Carlton St. Thomas fits perfectly with Ashford Prime’s strategy of investing in high quality, luxury assets in gateway and resort markets.  Located in a stable market with high barriers to entry, where tourism trends remain positive, and having recently undergone a comprehensive renovation, this property is poised to continue the strong operating performance it has realized over the past year.”

The 180-room hotel recently completed a $22 million renovation of guest rooms and public spaces.

Popular Posts the beach at the avila hotel in curacao

Delta Is Adding More Nonstop Curacao Flights, Citing “Booming Demand”  

Curacao is hotter than ever, with a wave of new hotels and record-breaking tourism numbers. And just a few months after Delta made its long-awaited return to the island, the carrier is adding even more flights.  The reason? What Delta […]


Looking for a Budget-Friendly Montego Bay Vacation? There's a New Hotel for That  

jamaica new hotel montego bay

It’s home to one of the most famous streets in the Caribbean, named after one of Jamaica’s global music icons: Jimmy Cliff Boulevard.  While the heavily-trafficked street has seen its share of ups and downs in recent decades, that’s been […]


When the Caribbean Island of Montserrat Was the Center of the Pop Music World

air studios in montserrat

Legendary Beatles producer Sir George Martin’s dream was not just to build a recording studio in a Caribbean paradise, but to raise up the fortunes of an island he dearly loved in the process. On Montserrat, for a brief but […]


Related Posts the beach at the bolongo bay resort

Yes, You Can Stay at an All-Inclusive Resort in St Thomas, USVI

The Bolongo Bay Beach Resort on St. Thomas may be the most popular all-inclusive resort you’ve never heard of. It’s not that the resort itself isn’t well-known: this family-run and managed, beach resort has been in business since 1974. But […]


St Thomas, St Croix Tourism Surging 

st croix buccaneer

Air traffic and tourism numbers for the two biggest islands in the US Virgin Islands continue to show strong growth, according to new data.  St Thomas is anticipating 25 percent year-over-year growth for the 2023-2024 winter season, as compared to […]


Expansion Projects for St Croix, St Thomas Cruise Ports 

pier concert

The US Virgin Islands’ Port Authority has received the green light for an expansion for its cruise ports in St Croix and St Thomas, Caribbean Journal Invest has learned.  In St Thomas, the focus is on the Crown Bay cruise […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You