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."

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

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

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