Ashford Hospitality REIT Spends $90M On Key West Resort

Law360, New York (May 8, 2013, 5:00 PM EDT) -- Texas-based real estate investment trust Ashford Hospitality Trust Inc. will acquire the Pier House Resort and Caribbean Spa, a luxury resort destination in Key West, Fla., for $90 million in cash, Ashford said late Tuesday.

The self-administered REIT said it would pay roughly $634,000 per key for the 142-room resort. Ashford, which invests in the U.S. hospitality industry across all levels of the capital structure, will fund the purchase entirely with cash on hand.

The deal is expected to close by May 20. Once Ashford has...
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