Ashford Hospitality completes sale of Marriott BWI Airport for $61.5 million (Etat-Unis)
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Ashford Hospitality completes sale of Marriott BWI Airport for $61.5 million (Etat-Unis)
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-12-05
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has completed the previously disclosed sale of the Marriott BWI Airport in Baltimore, Maryland, for $61.5 million in cash. The price equates to $198,000 per key, an 8.8% trailing 12-month NOI cap rate, and a 9.4x trailing 12-month EBITDA multiple. The transaction will result in a debt paydown of $62.4 million. The asset sale is consistent with the Company’s strategy to reduce target leverage levels.
Since September 30, 2007, the Company has closed on $155.0 million of asset sales and has been able to pay down, after taking into account debt prepayment requirements, $162.5 million of debt. The Company has one additional asset under firm contract, the JW Marriott New Orleans in New Orleans, Louisiana, which is expected to close in the fourth quarter subject to customary closing conditions and the assumption of an existing mortgage. Assuming the JW Marriott New Orleans sale closes by year end, the Company will have sold $222.5 million in the fourth quarter and $379.8 million in 2007.
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