ASHFORD HOSPITALITY TRUST ANNOUNCES CONVERSION OF LA CONCHA KEY WEST TO MARRIOTT'S AUTOGRAPH COLLECTION

DALLAS, Dec. 9, 2024 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") announced today that its Crowne Plaza La Concha Hotel in Key West, Florida (the "Hotel") has completed the conversion to a Marriott Autograph Collection® property and is now called the Autograph La Concha. Marriott's Autograph Collection® Hotels feature a diverse portfolio of approximately 200 independent hotels around the world that reflect a unique vision, design, and environment.

The Hotel recently completed a $35 million transformative renovation, and the conversion creates a distinctive theme and style for the Hotel that is commensurate with the upper-upscale/luxury Autograph product. The renovation scope, completed by Premier, included 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 has been converted into premium roof-top suites with some of the best views in Key West.

"With the conversions of La Concha and Le Pavillon expected to drive 20–30% premiums to pre-conversion RevPAR, we continue to strategically position our portfolio to meaningfully outperform in 2025 and beyond," said Stephen Zsigray, Ashford Trust's President and Chief Executive Officer. "The recently announced planned sale of Courtyard Boston Downtown at a very attractive cap rate, along with these two brand elevations, further demonstrates that we are delivering exceptional value within our portfolio, particularly in comparison to our current equity market cap."

The 160-room Hotel is ideally situated on Duval Street in the heart of Old Town Key West and is within walking distance of major attractions, shopping, entertainment, and nightlife. It is also centrally located near numerous water-sport opportunities including exceptional beaches, diving, and snorkeling. Near-by attractions include Mallory Square, The Hemingway Home and Museum, Truman Little White House, and Mel Fisher Maritime Museum. Many notable guests have stayed at the historic landmark hotel over the years, including literary legends and dignitaries like Ernest Hemingway, Tennessee Williams, and former U.S. President Harry Truman.

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Forward-Looking Statements

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SOURCE Ashford Hospitality Trust, Inc.