Dallas company to buy Ritz-Carlton, Sarasota for $171 million

A Dallas-based hospitality company will purchase the Ritz-Carlton, Sarasota for $171 million, the company announced today.

According to a filing with the U.S. Securities and Exchange Commission, Ashford Hospitality Prime Inc. said it finalized an agreement to purchase the resort property at 1111 Ritz-Carlton Drive.

“The acquisition of the Ritz-Carlton Sarasota is an opportunity for us to acquire a luxury resort property with a premier location in the upscale and growing Sarasota market,” Ashford Prime CEO Richard J. Stockton said in a release.

The 266-room Ritz-Carlton property was constructed along the bayfront in 2001. The sale is expected to close in April, the release said.

Ashford Prime also announced it has agreed to buy a 22-acre parcel adjacent to the resort’s golf course, located north of Sarasota County and east of I-75. The price of that acquisition is $9.7 million.