Ashford Hospitality Trust Inc. (NYSE: AHT) has agreed to acquire the 142-room Pier House Resort and Caribbean Spa (pictured) in Key West, Fla. for $90 million in cash.
The acquisition is expected to close in roughly two weeks.
Ashford is a Dallas-based real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure. It owns several hotel properties in primary, secondary, and resort markets throughout the U.S. The company is expected to announce first quarter earnings for 2013 after the market closes on May 8.
For more real estate coverage, see the April cover story “Beyond Location."