Ritz-Carlton Sarasota sold for $171 millionApril 23, 2018
A Ritz-Carlton hotel built along a bay in Sarasota sold for a around $643,000 per key.
The property was sold for $171 million, or roughly $643,000 per key. In addition, a nearby 22-acre plot of vacant land was also sold for $9.7 million. This land is currently entitled for residential development adjacent to the hotel’s golf course. The company financed the hotel with a $100-million nonrecourse mortgage loan, and the property will continue to operate as a Ritz-Carlton hotel under a management agreement with The Ritz-Carlton Hotel Compan
The hotel has 266 guestrooms and 31 suites. Common-area attractions include a 27,000-square-foot beach club, a 15,000-square-foot spa and a Tom Fazio-designed, 18-hole golf course.
The $171 million Ritz deal closed amid a limited supply of luxury hotels along near beaches and few new ones in development, according to one of the leaders of a team at JLL that arranged the sale.
“Investor demand for luxury beachfront resorts is peaking due to the limited-to-no new supply on the horizon throughout the Florida market,” Andrew Dickey, senior vice president of JLL, said in a prepared statement.
Source press The Real Deal South Florida