Ashford Hospitality Trust (AHT) closed on the sale of the 193-room One Ocean Resort in Atlantic Beach, Florida. Aspect Real Estate, Kelco Management and Development, Sage Hospitality Group and Corner Lot Development Group purchased the Resort for $87 million. AHT announced the sale last week as part of its plan to divest properties to pay off its debt. Once known as the Sea Turtle Inn, the resort was built in 1973.

The group’s goal is to revamp One Ocean into a regionally and nationally known asset. Sage Hospitality will lead the management and remodel of the hotel, its restaurant Azurea and the spa. The property will be part of Sage’s Independent Collection, a group of 18 hotels across the country, including The Crawford in Denver, Asbury Ocean Club in Asbury Park, New Jersey and Hotel Per La in Los Angeles.

Ashford Hospitality Trust is a real estate investment trust (REIT) that invests predominantly in upper-upscale, full-service hotels.