Ashford Hospitality Prime, Inc. announced that it has entered into an agreement with Marriott to convert its Courtyard Philadelphia Downtown hotel to an Autograph Collection property.

The agreement with Marriott calls for the Courtyard Philadelphia to be converted to an Autograph hotel by June 30, 2019, pursuant to a conversion Product Improvement Plan (PIP) currently estimated to be worth approximately $23 million—including updates to the guest rooms, guest bathrooms, corridors, lobby, restaurant and meeting space—which will create a distinctive theme and style for the property that is commensurate with the Autograph product. Marriott will then continue to manage the property.

The Courtyard Philadelphia Downtown currently offers 10,111 square feet of event space.

"With its prime location across from City Hall and historical building designation, the upbranding of the Courtyard Philadelphia to an Autograph Collection will occupy a desirable niche in the attractive downtown Philadelphia market,” said Richard J. Stockton, Ashford Prime's President and CEO.

Ashford Hospitality Prime is an REIT focused on investing in luxury hotels and resorts.