MIAMI—Ashford Hospitality Trust is acquiring the 142-room Pier House Resort and Caribbean Spa in Key West, FL for $90 million. Funded with cash on hand, the sale price equals $634,000 per key. The deal is expected to close within 15 days.

The purchase price of $90 million represents a trailing 12-month cap rate of 6.2% on net operating income. In 2012, the hotel achieved RevPAR of $275, with occupancy of 83% and an Average Daily Rate of $333.

“Aside from being the nation's second highest RevPAR market, Key West has not seen any new competitive supply in the last 17 years given that the Rate of Growth Ordinance presently sets extremely high barriers to any new hotel development in Monroe County,” says Monty J. Bennett, Ashford's chairman and CEO. “In particular, the Pier House Resort offered us a very unique opportunity, given its recent renovation, its prime location in Key West, and the significant operational synergies with Remington's existing presence in that market."