Ashford Hospitality Trust is set to convert its Crowne Plaza La Concha Hotel in Key West, Fla., to a Marriott Autograph Collection property in 2024 at which time it will be rebranded to Autograph La Concha. The rebranding will occur upon the completion of a $35 million property improvement plan. Remington Hospitality will continue to be the property manager.
The planned conversion aims to create a distinctive theme and style for the hotel that is commensurate with the upper-upscale/luxury Autograph product. The PIP scope includes transforming the lobby, bar and restaurant as well as upgrading the exterior, guestrooms, guest bathrooms, corridors, pool and meeting space. As part of the renovation, the previously underutilized spa will be converted into rooftop suites.
The company believes that post-conversion, the new Autograph La Concha property could achieve a 20 percent to 30 percent increase in revenue compared to pre-conversion.
"Ideally located in Old Town Key West, the transformation of this landmark hotel to an Autograph Collection property is expected to elevate the property into a desirable niche in the high-barrier-to-entry, high-RevPAR Key West market," Rob Hays, Ashford Trust's president and CEO, said in a statement. "We remain focused on maximizing the value of our assets and look forward to realizing an enhanced financial performance from this property post conversion."
The 160-room hotel dates back to 1926. Marriott's Autograph Collection Hotels portfolio includes approximately 200 independent hotels around the world.