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."

FREE DAILY NEWSLETTER

Like this story? Subscribe to Operations!

Hospitality professionals turn to Operations as their go-to source for breaking news on guest rooms, food & beverage, hospitality trends, management, and more. Sign up today to get news and updates delivered to your inbox daily and read on the go.

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

Suggested Articles

The joint-venture partners have given a name to the upper-midscale brand they introduced in February.

Seven of the new hotels fall under the Budgetel Inn & Suites brand, three under the AmeriVu Inns & Suites brand and two under the Haven Hotel brand.

Sri Krishna Enterprises owns the 115-suite hotel, which took 16 months to construct, and Southern Hospitality Services manages it.