The Ashford Hospitality Trust, Inc. announced today that it has already inked a final contract to purchase the Pier House Resort and Caribbean Spa in Key West, Florida that has 142 rooms for an estimated amount of US$90 million cash. Ashford plans utilize all his cash on hand to finance the whole acquisition amount, the acquisition is scheduled to conclude within the coming fifteen days.

Once the acquisition had concluded, Ashford is intending to put Remington Lodging to replace with the existing one. Remington is managing three hotels in Key West, including Ashford Hospitality Trust owned Crowne Plaza La Concha Hotel and Southernmost House, Inn at Key West.

Chairman and Chief Executive Officer of Ashford, Monty J. Bennett said in a statement, "We are very pleased to announce this acquisition of a very high quality hotel in a great market like Key West."  

Mr. Bennett further added that, "Aside from being the nation's 2nd highest RevPAR market, Key West has not seen any new competitive supply in the last 17 years given that the Rate of Growth Ordinance "ROGO," presently sets extremely high barriers to any new hotel development in Monroe County. In particular, the Pier House Resort offered us a very unique opportunity, given its recent renovation, its prime location in Key West, and the significant operational synergies with Remington's existing presence in that market."