Ashford hospitality trust, inc. announces agreement to convert crowne plaza la concha key west to marriott's autograph collection

Ashford hospitality trust, inc. announced that it has entered into a new franchise agreement with marriott international to convert its crowne plaza la concha key west hotel in key west, florida to an autograph collection property. marriott's autograph collection hotels feature a diverse portfolio of approximately 180 independent hotels around the world that reflect a unique vision, design, and environment. the agreement with marriott calls for the hotel to be converted to an autograph by july 1, 2022, pursuant to a conversion property improvement plan ("pip"). the pip is currently estimated to be $13.7 million, approximately $7.8 million of which is incremental. the pip includes updates to the exterior, guestrooms, guest bathrooms, corridors, lobby, restaurant, lounge, pool, and meeting space. the conversion will create a distinctive theme and style for the hotel that is commensurate with the upper-upscale/luxury autograph product. post-conversion, remington lodging will continue to manage the property pursuant to the new franchise agreement. the company believes that post-conversion, the new autograph property should realize a revpar premium to the current hotel and that its incremental investment should yield an approximate 19% unlevered internal rate of return. the 160-room hotel is ideally located on duval street in the heart of old town key west within walking distance of major attractions, shopping, entertainment, and nightlife. a unique and historic property, developer carl aubuchon opened this luxury hotel in 1926 - the first of its kind on key west.
MAR Ratings Summary
MAR Quant Ranking