Hotel

Ashford Hospitality Prime has signed an agreement to acquire the Ritz-Carlton St. Thomas in Saint Thomas, US, from Marriott International for $64m.

Built beside Great Bay in 1996, the 180-room Ritz-Carlton St. Thomas has recently undergone a $22m upgrade for its guest rooms and public space.

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The renovation upgraded food and beverage offerings, and expanded capacity of the wedding venue.

It also added a new desalination plant and electricity generators to allow the hotel to operate self-sufficiently.

Under a long-term management agreement with Ritz-Carlton, the property will continue to be operated as a Ritz-Carlton property.

"We believe this is a very attractive acquisition for our shareholders."

Ashford Prime chairman and CEO Monty Bennett said: "The Ritz-Carlton St. Thomas is an iconic US Virgin Islands hotel, underscoring our strategy of investing in high quality, luxury assets in gateway and resort markets.

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"Having recently undergone a comprehensive renovation, the resort’s RevPAR of over $430 is already ramping strongly, outperforming its competitive set."

Ashford plans to further expand the resort with additional rooms and villas.

Bennett added: "Group revenue booking pace for 2016 is up 8.6% over 2015. With the extremely high quality of this resort, strong cash flow, and meaningful growth opportunities, we believe this is a very attractive acquisition for our shareholders."

Subject to customary closing conditions, the transaction is expected to be completed in approximately 30 days.

In addition to beachfront and traditional pools, the property features the Bleuwater Restaurant, and three other oceanfront dining options.

It also includes 10,000ft² of function space, which offers views of Great Bay and St. John, a 7,500ft² spa, and a 2,000ft² fitness centre.

Image: The Ritz-Carlton Exterior. Photo: courtesy of Ashford Hospitality Prime, Inc/PR Newswire.