BETHESDA, MD—RLJ Lodging Trust has completed a $5-million renovation of the guestrooms and public space at its 106-room Fairfield Inn & Suites Key West located in Key West, FL.
“We are excited to complete the hotel’s renovation in time for Key West’s peak season,” stated Thomas J. Baltimore, Jr., president and CEO. “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.”
The company noted that Key West has one of the highest barriers-to-entry in the country and, as a result, new hotel supply is highly constrained, providing a favorable environment for lodging fundamentals and hotel ownership on the island.
In 2013, the hotel generated a RevPAR premium of 58% to the company’s overall 2013 reported portfolio RevPAR. The hotel’s renovation enhanced the guestrooms, public spaces and exterior facade.