Ritz-Carlton Sarasota Source: Ashford Hospitality Prime Inc.

Ashford Hospitality Prime Inc. agreed to acquire the 266-room Ritz-Carlton Sarasota hotel in Sarasota, Fla., for $171 million, and an adjacent 22-acre vacant land plot for $9.7 million.

The hotel real estate investment trust plans to develop the land plot for residential use. The acquisition is expected to close in early April, according to a release.

Ashford Prime will fund the transaction with cash on its balance sheet and either its revolving credit facility or a nonrecourse mortgage loan on the property.