Aspect Real Estate, Kelco Management And Development Buy One Ocean Resort For $87M

Located at 1 Ocean Boulevard in Atlantic Beach, Florida, the One Ocean Resort and Spa is a 193-room hotel that was recently sold for $87,000,000. The property was acquired by a group of buyers including Alex & Cathy Cranberg from Aspect Real Estate, Kelco Management and Development, Daniel del Olmo from Sage Hospitality Group, and Andy Allen from Corner Lot Development Group. The seller of the hotel was Ashford Hospitality Trust, with Athene providing the financing for the transaction.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $87,000,000
• Address: 1 Ocean Boulevard - One Ocean Resort and Spa
• Market: Atlantic Beach
• Buyer: Alex & Cathy Cranberg - Aspect Real Estate; Kelco Management and Development; Daniel del Olmo - Sage Hospitality Group; Andy Allen - Corner Lot Development Group
• Seller: Ashford Hospitality Trust
• Lender: Athene
• Keys: 193
• Price per key: $450,777

The buyers have ambitious plans for the resort, which was originally constructed in 1973. Upon acquisition, they intend to reposition the property under Sage Hospitality's management, integrating it into Sage's Independent Collection of hotels across the country, aimed at enhancing its overall standing within the hospitality industry.