REIT converting hotel to Autograph Collection
Ashford Hospitality Prime Inc. has unveiled plans to convert its Courtyard Philadelphia Downtown hotel into an Autograph Collection property. The Dallas-based real estate investment trust (REIT) has inked a deal with Marriott Intl. to rebrand the 499-key hotel by late June 2019, following a $23 million update to its accommodations, guest bathrooms, corridors, lobby, restaurant and meeting space. Marriott will continue to manage the property following the conversion.
“With its prime location across from City Hall and historical building designation, the upbranding of the Courtyard Philadelphia to an Autograph Collection will occupy a desirable niche in the attractive downtown Philadelphia market,” says Richard Stockton, Ashford Prime's president and ceo.
The REIT, which is focused on the investment of luxury hotels and resorts, is also selling its Dallas/Plano Marriott at Legacy Town Center hotel in Texas, tapping Holliday Fenoglio Fowler to market the 404-key property. That sales effort was launched at the NYU International Hospitality Investment Conference earlier this month.
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