CBRE Hotels Closes $64 Million Sale of St. Thomas Ritz-Carlton

Premier oceanfront resort acquired from Marriott by Ashford Prime

St. Thomas, U.S Virgin Islands – December 23, 2015 – CBRE Hotels arranged the sale of The Ritz-Carlton St. Thomas, a prestigious 30-acre oceanfront destination with 180 rooms and four restaurants in one of the world’s most sought-after luxury resort ​​markets. Named among the 2015 best hotels in the U.S. Virgin Islands by U.S. News and World Report, the resort at 6900 Great Bay in St. Thomas was acquired from Marriott International by Ashford Prime for $64 million. The property will continue to operate under the Ritz-Carlton flag through a long-term management agreement.

CBRE Hotels’ Christian Charre, Paul Weimer and Natalie Castillo marketed the property on behalf of Marriott International. 

“Ashford acquired a jewel on the island of St. Thomas,” said Mr. Charre, Senior Vice President, CBRE Hotels. “This fully renovated property is one of the best performing assets in the Caribbean, appealing to incentive groups and families alike, and consistently receiving great reviews from guests. The sale generated strong interest resulting in a mutually beneficial transaction and an attractive long-term management agreement for Marriott.” 

"The Ritz Carlton St. Thomas was able to dramatically increase its financial performance by coming off the grid and taking control of its energy costs going forward," said Paul Weimer, Vice President, CBRE Hotels. 

Built in 1992 and opened as The Ritz-Carlton St. Thomas in 1996, this prestigious resort along the island’s famed Great Bay features guest rooms and suites with spacious private balconies or terraces and newly refurbished luxury baths, recreational amenities that include a beachfront infinity-edge pool and 24-hour Jacuzzi, a kiddie pool with two fountains, two additional traditional pools and Jacuzzis, a 2,000-square-foot fitness center, and two tennis courts surfaced in synthetic grass. A $22.2 million comprehensive renovation was completed in January 2014. The hotel earned a “Reader’s Choice Award” for the Best Resorts in the Caribbean and was assigned to the Hot List for Best U.S. Virgin Islands Hotels by Condé Nast Traveler in 2014. 

Ashford Hospitality Prime, also known as Ashford Prime, is a real estate investment trust (REIT) focused on investing in luxury hotels located in resort and gateway markets.

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 375 dedicated hospitality professionals located in 60 offices across the globe. 

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com

 
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