KEY WEST, FL—RLJ Lodging Trust of Bethesda, MD reports it has completed the $5-milion renovation of the guestrooms and public spaces at its Fairfield Inn & Suites Key West here.
In 2013, the 106-room hotel generated a RevPAR premium of 58% to the company's overall 2013 reported portfolio RevPAR. The renovation initiative enhanced the guestrooms, public spaces, and the hotel's exterior facade. As a result, the company expects that the renovation at the hotel will further strengthen the asset's market presence and drive additional growth for the asset and the company's portfolio, RLJ Lodging states in a press announcement.
“We are excited to complete the Hotel's renovation in time for Key West's peak season,” commented Thomas J. Baltimore, Jr., president and CEO of RLJ Lodging. “We expect the additional investment in this asset will position the Hotel for future growth and allow it to capitalize further on Key West's strong market fundamentals.”
According to Smith Travel Research, the Key West market revenue per available room (RevPAR) was almost $218 in 2013, one of the highest RevPAR markets in the country. RevPAR growth in the market was 17.8% in 2013 and year-to-date through September 2014, RevPAR has grown by 14.4% in the region.
RLJ Lodging Trust, a REIT, owns 150 properties, comprised of 148 hotels with more than 23,300 rooms and two planned hotel conversions, located in 21 states and the District of Columbia.
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