Key West Sheraton sold for $94M

DiamondRock Hospitality acquired the 184-suite Sheraton Suites Key West for $94 million, or $511,000 per suite.

The hotel's previous owner was New Hampshire-based Oprock Key West Fee. DiamondRock plans to re-launch the hotel as an "independent lifestyle resort," which includes $5 million in renovations to the lobby, pool and guestrooms. 

"We are very excited about our acquisition of this all-suites hotel," DiamondRock Hospitality Company President Mark Brugger said in a prepared statement. "The hotel is in excellent condition and features direct access to Smathers Beach, the largest and most popular beach in Key West."

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According to data from STR, Key West's hotel occupancy rate as of July 11 was 84.3 percent.