As part of the purchase, Ascent will invest $10 million to modernize and renovate the property’s guestrooms, meeting rooms and public spaces.
Hersha Hospitality Trust acquired the hotel for $79 million.
Outrigger plans to invest some $100 million in improvements to its hotels and resorts over the next few years.
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The hotels, both of which have been renovated recently, bring The Hotel Group's portfolio to 38 properties in 11 states.
The renovation included the addition of 10 hideaway casitas, the update of 12 historic rancho casitas and an expansion of LON’s Last Drop bar and patio.
The lounge now has a fresh look with brand-new décor, including new carpeting, curtains and furniture.
L'Hôtel Marrakech has five suites surrounding a courtyard garden and swimming pool.
The hotel now has 440 contemporary-classic guestrooms and suites, plus three new meeting and event spaces.
Malaysia is still attracting interest from commercial property investors in spite of sluggish economic growth.