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 w punta cana

A New All-Inclusive W Hotel Is Opening This Year in Punta Cana 

The first-ever all-inclusive W Hotel in the Caribbean is opening this year in Punta Cana, Dominican Republic, Caribbean Journal has learned.  The hotel, part of a broad expansion for parent company Marriott International, is on the list of expected 2024 […]


Why Grenada Is a New Caribbean Luxury Hotspot

beach house silversands

From its world-renowned chocolate to its pristine beaches to a region-leading focus on sustainability, Grenada is as fascinating and unique as destination as you’ll find in the Caribbean.  But in the last few years, the lush Eastern Caribberan island has […]


5 Adults-Only Resorts to Visit Right Now in the Caribbean 

galley bay

Sometimes you just want that extra degree of serenity, of privacy, of seclusion. There is a reason, after all, that adults-only resorts are booming in popularity, particularly in the Caribbean: travelers want to know that when they arrive, they know […]


Related Posts six senses la sagesse

The 10 Best New Hotels in the Caribbean for 2024 

The Caribbean hotel pipeline isn’t slowing down, and that means another wave of hotels set to open their doors in 2024. Our list of the hottest new hotels for 2024 includes some that just opened their doors at the end […]


American Airlines Is Adding More Daily Flights to St Thomas, USVI

view from rooftop red roofs downtown st thomas

It is one of the most popular destinations in the Caribbean: the US Virgin Islands, which has been seeing surging tourism numbers largely since the summer of 2020. That includes the territory’s most-visited island, St Thomas, which has been seeing […]


A New Boat Show Is Coming to St Thomas, USVI 

a lagoon 77 on the ocean

Since the pandemic, the US Virgin Island has emerged as one of the hottest yachting destinations in the wider Caribbean, blending its enviable island-hopping with strong, easily accessible airlift from all over the United States.  With demand continuing to grow, […]


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