DiamondRock Hospitality Company Brings Margaritaville Beach House To Key West
DiamondRock Hospitality Company (NYSE: DRH) announced that Margaritaville Beach House Key West will open in fall 2021 following a $3 million investment. The resort, located on Key West's largest beach, underwent an $18 million renovation, boasting enhanced amenities including food and beverage options, family-friendly activities, and a tropical pool. The partnership with Margaritaville is expected to boost demand, benefiting the resort's financial performance, with a potential competitive advantage in the market. Ocean Properties Hotels & Resorts will continue to operate the resort.
- Opened Margaritaville Beach House Key West in fall 2021, enhancing brand recognition.
- Invested $3 million for resort renovations, following an $18 million upgrade.
- Expected increase in demand and financial performance from Margaritaville affiliation.
- None.
BETHESDA, Md., May 13, 2021 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) and Margaritaville Holdings announced Margaritaville Beach House Key West will open in the fall of 2021.
Located on the largest beach in Key West, Margaritaville Beach House Key West will welcome guests in the fall of 2021 after a
The property is currently known as the Barbary Beach House Key West (2001 South Roosevelt Boulevard), which recently underwent an
"We are excited to announce a new affiliation with Margaritaville at our Key West resort," said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. "Margaritaville is synonymous with Key West and as a leading leisure hotel brand will drive more demand to the resort. The location already offers guests direct access to the oasis that is Key West's largest and most beautiful stretch of beach, and yet is close to the famous Duval Street historic district with its distinctive shops, bustling restaurants, and colorful nightlife. We expect a significant improvement in the financial performance of the resort upon becoming a Margaritaville destination, as it provides a competitive advantage over other locations in Key West. For those heading to Key West for vacation, the Margaritaville Beach House Key West is the exact experience they are looking for. The Company will continue to look for ways to expand the relationship with other value-creation acquisitions and create more Margaritaville-branded hotels throughout the Florida Keys."
Amenities of Margaritaville Beach House Key West will include poolside entertainment, daily refreshments, a 24-hour fitness center, kids' activities, lawn games, and lounging hammocks throughout the grounds, as well as Hobie Cats, paddleboards, and kayaks. For weddings, meetings, and events, attendees will be able to flow from indoor banquet space to outdoor gardens and courtyards, complete with an event palapa. As an added feature, the property will coordinate beachfront weddings for guests looking to confirm or renew their vows with the Atlantic Ocean as an unforgettable backdrop. The resort is conveniently located just one mile from the Key West International Airport.
About DiamondRock Hospitality Company
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in top gateway markets and destination resort locations. The Company currently owns 30 premium quality hotels with over 9,600 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families as well as unique boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.
About Margaritaville
Margaritaville, a state of mind since 1977, is a global lifestyle brand inspired by Jimmy Buffett, whose songs evoke a passion for tropical escape and relaxation.
Margaritaville features over 20 lodging locations and over 20 additional projects in the pipeline, with nearly half under construction, two gaming properties, and over 60 food and beverage venues including signature concepts such as Margaritaville Restaurant, the award-winning JWB Prime Steak, and Seafood and 5 o'Clock Somewhere Bar & Grill. More than 20 million travelers every year change their latitude and attitude with a visit to a Margaritaville resort, residential real estate destination, vacation club, vacation home rental, or restaurant. Consumers can also escape every day through a collection of Margaritaville lifestyle products including apparel, footwear, frozen concoction makers, home décor, a satellite radio station, and more.
To learn about Margaritaville Hotels and Resorts, visit MargaritavilleResorts.com
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: national and local economic and business conditions, including the impact of COVID-19 on occupancy rates at the Company's hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of the Company's indebtedness; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
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SOURCE DiamondRock Hospitality Company
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