Ashford Hospitality Trust (AHT) has successfully completed the sale of One Ocean Resort, a 193-room hotel located in Atlantic Beach, Florida. The property was acquired by a consortium consisting of Aspect Real Estate, Kelco Management and Development, Sage Hospitality Group and Corner Lot Development Group for $87 million. This transaction is part of AHT’s strategy to reduce its debt through divestment.
Originally built in 1973 as the Sea Turtle Inn, One Ocean will now undergo a major transformation under the new ownership group’s vision to establish it as a premier destination on both regional and national levels. Leading this effort is Sage Hospitality Group which will oversee management operations and renovations for not only the hotel but also its restaurant Azurea and spa facilities. As part of Sage’s Independent Collection portfolio – which includes renowned properties such as The Crawford in Denver, Asbury Ocean Club in New Jersey and Hotel Per La in Los Angeles – One Ocean is set to join an elite group within their brand.
Ashford Hospitality Trust specializes primarily in investing into upscale full-service hotels through their real estate investment trust (REIT). With this latest sale being finalized last week at $87 million dollars for One Ocean Resort alone stands testament to AHT’s continued success within this market segment.
