Ashford Hospitality Trust has announced plans to transform its Crowne Plaza La Concha Hotel in the US state of Florida into a Marriott Autograph Collection property in 2024.
Situated in Key West city, the hotel will be rebranded to Autograph La Concha after undergoing a $35m renovation or property improvement plan.
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Ashford Hospitality Trust is a real estate investment trust with a primary investment focus on full-service, upper-upscale hotels.
Ashford Trust president and CEO Rob Hays said: “Ideally located in Old Town Key West, the transformation of this landmark hotel to an Autograph Collection property is expected to elevate the property into a desirable niche in the high-barrier-to-entry, high-RevPAR Key West market.
“We remain focused on maximising the value of our assets and look forward to realising an enhanced financial performance from this property post-conversion.”
The 161-room hotel located on Duval Street will continue to be managed by Remington Hospitality after the transformation.
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By GlobalDataMarriott’s Autograph Collection Hotels portfolio consists of 200 independent hotels globally.
Crowne Plaza La Concha Hotel’s conversion is expected to give it a new theme and style that are in line with the upper-upscale/luxury Autograph brand.
The renovation plan also includes upgrading the exterior, guestrooms, pool, meeting space, lobby, bar and restaurant.
Additionally, the unused spa will be transformed into premium roof-top suites.
The company expects the new hotel to achieve a revenue per available room (RevPAR) premium of 20% to 30% compared to pre-conversion.
The hotel is close to shopping, nightlife and entertainment options, as well as water-sport activities such as diving, beaches and snorkelling.
