Ashford Hospitality Trust Inc. has revealed that its Crowne Plaza La Concha Hotel in Key West, FL, is on track to convert to an Autograph Collection by Marriott property in 2024, at which time it will be rebranded to Autograph La Concha. The conversion will occur upon the completion of a $35-million renovation.
The planned conversion will create a distinctive theme and style for the hotel that is in line with the upper-upscale/luxury Autograph product, according to the company. The renovation scope includes 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 will be converted into premium rooftop suites.
The company believes that post-conversion, the new 160-room Autograph La Concha property could achieve a 20% to 30% RevPAR premium compared to pre-conversion, and Remington Hospitality will continue to be the property manager.
“Ideally located in Old Town Key West, the transformation of this landmark hotel to an Autograph Collection property is expected to elevate the property into a desirable niche in the high-barrier-to-entry, high-RevPAR Key West market,” said Rob Hays, president/CEO, Ashford Trust. “We remain focused on maximizing the value of our assets and look forward to realizing an enhanced financial performance from this property post-conversion.”
The hotel is located near attractions including Mallory Square, The Hemingway Home and Museum, Truman Little White House and Mel Fisher Maritime Museum. Many notable guests have stayed at the landmark hotel over the years, including Ernest Hemingway, Tennessee Williams and Harry Truman. Developer Carl Aubuchon opened the luxury property in 1926.
